Microfinance Companies in China See Outstanding Loans Decline by USD$4.83 Billion in First Quarter of 2020
The latest data from the Chinese central bank points to sizeable declines in both the number the outstanding loan balance of Chinese micro-loan companies in the first quarter of 2020.
As of the end of the first quarter of 2020 there were 7458 micro-loan companies operating in China, with an outstanding loan balance of 877.068 billion yuan, or a decline during the quarter of 33.81 billion yuan (approx. USD$4.83 billion).
This compares to a 7551 micro-loan companies as of the end of 2019, with an outstanding loan balance of 910.878 billion yuan.
The number of people working in the sector fell from 80,846 to 78,280, while paid-in capital fell from 809.751 billion to 806.322 billion yuan.