BEIJING, March 22 Small-scale lending in China
is beginning to take off, with outstanding micro-credit loans
more than doubling last year, the central bank said on Tuesday.
Firms issued 120.2 billion yuan ($18.30 billion) in new
micro-credit in 2010, according to the People's Bank of China.
That took the outstanding volume of such loans in China to 197.5
billion yuan, compared with 76 billion yuan at the end of 2009.
Their share of total bank credit also surged to 0.41 percent
in 2010 from 0.19 percent the year before, PBOC data shows.
The total number of micro-credit firms in China reached
2,614 by the end of last year, compared with 1,334 firms at the
end of 2009, the central bank said in a statement on its
The PBOC initiated a pilot scheme to develop micro-credit
firms in 2005, aiming to expand lending channels in the
country's under-service rural areas with an emphasis on
financing agricultural production.
(Reporting by Aileen Wang; Editing by Ramya