The Department of Human Resources and Social Security of Guangdong province and the Guangdong branch of the Postal Savings Bank of China signed an agreement on July 11 to promote micro lending.

The two sides pledged to facilitate micro lending of more than 100 million yuan ($15.7 million) a year beginning this year, and to support business startups, employment-enhancing projects and fundraising by Guangdong enterprises.

The two sides will also strengthen the exchange of information and build a positive corporate-credibility platform.

Guangdong authorities have had a micro lending policy since 2003, to support business startups and labor-intensive small enterprises.

By the end of March, 17,000 micro loans had been issued, totaling 740 million yuan, to help 40,000 people start their respective businesses and help create 230,000 jobs, according to the Department of Human Resources and Social Security.