Under normal circumstances, especially from the four major state-owned banks (Industry and Commerce, China Construction Bank, Bank of Communications and Bank of China), loans cannot be made without collateral and guarantee. However, some joint-stock banks, such as Minsheng Bank and Shanghai Pudong Development Bank, have launched a series of new financial products for small and medium-sized enterprises: for example, banks sign contracts with sellers, and sellers sell accounts receivable from commodity transactions to banks on credit, and buyers directly repay the loans to banks, and banks provide comprehensive financial services including loans to sellers. However, the implementation of this form of loans, banks are very familiar with enterprises. Especially for the upstream and downstream customers of the enterprise, it is also necessary to supervise the whole production and operation of the enterprise. This has solved the precedent that small and medium-sized enterprises can get loans without mortgage and guarantee, and I believe more financial products will appear in the future. I believe my explanation will be helpful to you.