China boasts 8,000 micro-credit firms

China's central bank said on Tuesday the number of the nation's micro-credit companies reached 8,127 as of the end of the first quarter this year, with their total outstanding loans standing at 844.4 billion yuan ($137.06 billion).

In the first quarter, the companies extended 25.1 billion yuan in new loans, according to data released by the People's Bank of China.

Launched in 2008, micro-credit companies were designed to provide better financial services to rural and less-developed regions with an aim to boost the rural economy.