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China boasts 8,000 micro-credit firms

2014-04-23 15:36:28Source:XinhuaAuthor:

China's central bank said on Tuesday the number of the nation's micro-credit companies reached 8,127 as of the end of the first quarter this year, with their total outstanding loans standing at 844.4 billion yuan (137.06 billion U.S. dollars).

In the first quarter, the companies extended 25.1 billion yuan in new loans, according to data released by the People's Bank of China.

Launched in 2008, micro-credit companies were designed to provide better financial services to rural and less-developed regions with an aim to boost the rural economy.