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Outstanding loans of Chinese micro-credit firms stand at 907.6b yuan
Updated: Oct 26, 2022
Xinhua
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BEIJING -- Outstanding loans extended by China's micro-credit companies came in at 907.6 billion yuan ($126.7 billion) by the end of September, official data showed.
In the first three quarters of this year, the figure logged a drop of 34.7 billion yuan, the People's Bank of China said in a statement.
By the end of last month, there were 6,054 micro-credit companies nationwide, the central bank said.
Micro-lenders largely target small companies and low-income groups in need of capital. In recent years, China has tightened regulations for the sector to rein in financial risks.
