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Rise in micro-creditors

(Xinhua)

08:09, May 11, 2012

China's micro-credit companies witnessed a boom during the first quarter as the government encouraged their development to broaden financing channels for small and micro-sized enterprises, the central bank said yesterday.

The number of micro-credit companies increased to 4,878 at the end of March from 4,282 at the end of last year, the People's Bank of China said in a statement on its website.

The country's micro-finance companies extended 53.1 billion yuan ($8.43 billion) in new loans in the first quarter. The lenders' outstanding loans reached 444.7 billion yuan as of the end of March, according to the statement.

The central bank said micro-credit companies employed 53,501 people nationwide as of the end of March.

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