Premier Li Keqiang on Jan 4 inspected the inclusive finance department of China Construction Bank and praised its use of a credit service app that reduces costs for small and micro enterprises.

The bank has launched the mobile app to provide online credit services for small and micro enterprises. It assesses enterprises’ credit through data including their settlements of transactions and records of tax payments.

Without paying additional fees for guarantee and assessment, small and micro enterprises can substantially reduce their borrowing cost by using the app.

Premier Li praised the bank for the efforts addressing small and micro enterprises’ difficulties in financing and asked related departments to conduct third-party assessment and promote nationwide if possible.