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English>>China Business

Boom in micro-credit sector

By Wang Xinyuan (Global Times)

08:44, July 31, 2012

China's micro-credit sector has seen dramatic growth, with a total of 5,267 micro-credit firms set up by the end of June, up 56.5 percent from a year ago, data from the People's Bank of China showed Monday.

These firms offered new loans worth 97.7 billion yuan ($15.34 billion) in the first six months, up 9.3 percent year-on-year, while total outstanding loans reached 489.3 billion yuan by mid-year, up 70 percent from a year ago.

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