To implement the decisions and plans of the CPC Central Committee and the State Council on promoting the development of SMEs (small and medium-sized enterprises) and improve financial service environment for SMEs, the Postal Savings Bank of China (hereinafter referred to as PSBC) signed a strategic cooperation agreement on financial services for SMEs (hereinafter referred to as the Agreement) with the Ministry of Industry and Information Technology (hereinafter referred to as MIIT). The two sides will further deepen strategic partnership, jointly explore effective financial service models and continuously improve the quality and efficiency of financial services for SMEs.

According to the Agreement, PSBC and MIIT will give full play to their respective advantages, promote resource integration, advance coordination and complementarity of industrial and financial policies, and jointly facilitate the high-quality development of SMEs. The two sides will jointly support the expansion of the coverage of financial services for SMEs, increase support for SMEs that use special and sophisticated technologies to produce novel and unique products. The two sides will exert their strengths of resources to actively support the clustered, innovative and green development of SMEs, jointly promote cooperation between industry and finance, and support enterprises of all sizes in pursuing development through collaboration with each other. They will also work together to increase research on SMEs, help them grow and improve their competitiveness constantly.

In recent years, PSBC has actively supported the development of micro, small and medium-sized enterprises. It is always in the forefront of the big state-owned banks in terms of the proportion of its outstanding inclusive finance loans granted to micro and small-sized enterprises in the total loans. As of the end of July this year, the outstanding inclusive finance loans granted to micro and small-sized enterprises by PSBC has reached 1.35 trillion yuan (about 184.95 billion US dollars), a net increase of more than 160 billion yuan (about 21.92 billion US dollars) compared with the beginning of the year, and the number of such enterprises with outstanding loans has exceeded 2 million. In terms of supporting enterprises that use special and sophisticated technologies to produce novel and unique products, PSBC has supported over 15,000 such enterprises as of the end of July, with a market coverage of nearly 20 percent.