Chinese microcredit firms lend 600 bln yuan

Tuesday, January 8, 2013

BEIJING, Jan. 8 (Xinhua) — Chinese microcredit companies reported 600 billion yuan (96.31 billion U.S. dollars) in outstanding loans by the end of last year, up 52 percent year on year, an association head said Tuesday.

Liu Kegu, director of the China Microfinance Institution Association, said the lending growth rate for this year will be about 37 percentage points higher than that of corresponding bank lending in yuan.

New lending in 2012 was equivalent to the amount lent by a medium-sized bank, Liu said at the association’s annual meeting.

China now has more than 6,000 microcredit companies that provide about 65,000 jobs, Liu said.

Source: People's Daily Online (link opens in a new window)