Water-borne polyesters which can provide a flexible film having a high resistance to water have been designed. Such hydrophobic polyesters can be dispersed into water by introducing small amounts of hydrophilic groups. When a few mol% of sodium 5-sulfonatoisophthalic acid is used as a hydrophilic group and some water-soluble organic compounds, such as 2-butoxyethanol, are used as additives, stable aqueous dispersions of polyester resins are obtained, having a fine particle size under 1.0 μm.

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