China sees fewer micro-credit firms

Source: Xinhua| 2019-01-25 21:10:57|Editor: mmm
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BEIJING, Jan. 25 (Xinhua) -- China continued to see fewer micro-credit firms last year amid tightening regulations on malpractice in the sector, data showed Friday.

The country had 8,133 micro-credit firms at the end of last year, compared with 8,551 in 2017, according to the People's Bank of China, the central bank.

The number of micro-credit firms dropped by 122 in 2017 compared with 2016.

Outstanding loans shrunk by 19 billion yuan (about 2.84 billion U.S. dollars) to stand at 955 billion yuan last year.

Southwest China's Chongqing Municipality boasted the largest share of outstanding micro-loans, followed by Jiangsu and Guangdong provinces.

Data from the central bank also showed east China's Jiangsu Province had 574 small-credit companies last year, the most of any provincial-level region, followed by the northeastern provinces of Liaoning and Jilin.

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