Abstract: Small and medium-sized enterprises take an important part in China's economy, a driving force for national economic growth. But their contribution does not match its share of financing resources, which takes less than 1/4. With the severe financing problem of SMEs, relationship lending eventually came into being. Information production is the key factor influencing the relationship lending. This paper uses the signaling game model to explore relationship lending strategy in view of the long-term importance and information production of relationship lending. The paper puts forward some suggestions on how the enterprises cooperate with the bank's information production and how the banks make the right strategies according to the signal transmission. The paper also provides new strategies for the development of relationship lending in China.