PBoC Publishes 2010 Statistics on Microcredit Companies

On March 23, 2011, the People’s Bank of China (PBoC) released 2010 statistics on Microcredit Companies (MCCs). As of 2010 year-end, there are 2,614 MCCs in China with an outstanding loan balance reaching RMB 197.505 billion. In 2010 alone, MCCs provided RMB 120.2 billion in loans. Recent years have witnessed the number of microfinance institutions and the amount of loans increase two-fold. In 2008, the number of MCCs was a mere 500, within a year’s time, the figure reached 1,334 by 2009 year-end. The outstanding loan balance in 2009 year-end reached RMB 76.641 billion, accounting for 0.19% of the financial sector at the time.

PBoC’s release also detailed the breakdown of the number of MCCs, number of people employed in MCCs, capital and outstanding loan balance by province and municipality.