China’s small-loan providers have virtually halved lending as the slowing economy turns both lenders and borrowers more wary of risk.
New loans from China’s 8,591 small-loan providers came to just Rmb89bn ($14.5bn) in the first nine months of 2014, virtually half the Rmb161bn level in the same period last year, according to central bank data.
Policy makers have encouraged the rise of small loan providers – which typically range from Rmb50,000 to Rmb5m – since a wave of defaults on informal debt in the light-manufacturing hub of Wenzhou in 2011 sparked bankruptcies and several suicides.
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