The People's Bank of China launched a pilot program of "loan commitment letters" to promote the reduction of financing costs for enterprises.

According to the Securities Times, in order to make the financing costs of enterprises visible, calculable, and comparable, the People's Bank of China is organizing and carrying out a pilot project to clearly disclose the comprehensive financing costs of enterprise loans, promoting a decrease in the overall financing costs of enterprises. In the pilot project, banks will work with enterprises to fill out the "Enterprise Loan Comprehensive Financing Cost List", clearly specifying the interest and non-interest costs that enterprises need to bear in order to obtain loans, converting them into an annualized rate using a unified method, and providing a clear, true, and comprehensive display of the comprehensive financing costs of enterprise loans to ensure financial consumers' right to know and promote a decrease in financing costs for small and medium-sized enterprises.