China's micro-credit firms down in number in Q1

BEIJING -- China had 6,232 micro-credit companies at the end of March, down from 6,453 registered at the end of last year, official data showed.

Their combined outstanding loans reached 933 billion yuan ($140 billion), a drop of 8.5 billion yuan from the previous quarter, according to the People's Bank of China.

Micro-lenders largely target small companies and low-income groups in need of capital. In recent years, China has tightened regulations for the sector to rein in financial risks.

The central bank data showed that Jiangsu province, East China, had 582 micro-credit companies, the highest among provincial-level regions.