LINE

Text:AAAPrint
Economy

China's micro-credit firms extend more new yuan loans

1
2017-07-27 10:42Xinhua Editor: Gu Liping ECNS App Download

China's micro-credit companies extended 31.3 billion yuan (4.6 billion U.S. dollars) of new yuan-denominated loans in the first half of the year, central bank data showed Wednesday.

That was up from 8.2 billion yuan of new loans granted in the first quarter, according to statistics from the People's Bank of China (PBOC).

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.

Authorities have demanded more financial services for small businesses, which have difficulty in getting traditional bank loans, as part of efforts to let the financial sector better serve the real economy.

By the end of June, China had 8,643 micro-credit firms, with outstanding loans amounting to 960.8 billion yuan, according to the PBOC.

East China's Jiangsu Province had 627 micro-credit companies by the end of June, the most of any provincial-level region, followed by Liaoning and Jilin provinces.

Micro-credit firms in southwest China's Chongqing Municipality saw outstanding loans reach 121.7 billion yuan by the end of June, higher than other provincial-level regions.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.