BEIJING - Microcredit companies in China issued 61.8 billion yuan ($10 billion) of new loans in the first half of 2014, industry
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Outstanding loans of these companies exceeded 880 billion yuan as of the end of June, the People's Bank of China, the central bank, said in a report.
Meanwhile, the number of microcredit companies has increased to 8,394 as the government encourages their development to boost lending to small businesses.
Micro-lenders largely target small companies and low-income groups which are in need of capital. Micro-finance companies have also become an important channel for private capital to enter the financial market.