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Outstanding loans of Chinese micro-credit firms hit 929 bln yuan in September

Xinhua, October 25, 2016 Adjust font size:

Outstanding loans extended by China's micro-credit companies amounted to 929.3 billion yuan (137 billion U.S. dollars) by the end of September, data from the central bank showed on Tuesday.

The volume was down 11.1 billion yuan from the end of 2015.

By the end of September, the number of micro-credit companies in China totaled 8,741, the People's Bank of China said in a statement on its website.

Micro-lenders largely target small companies and low-income groups in need of capital. In recent years, micro-lending companies have become an important channel for medium- and small-sized firms as well as individuals to access funds.

The central bank report showed east China's Jiangsu Province had 633 small-credit companies as of September, the most of any provincial-level region, followed by Liaoning Province and Anhui Province. Endit