Chinese microcredit firms lend 61.8 bln yuan in H1

Microcredit companies in China issued 61.8 billion yuan (about $10 billion ) of new loans in the first half of 2014, industry figures showed on Wednesday.

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.