A polylactic 
polyester resin having a 
chemical structure represented by Formula (1), an 
acid value of 300 to 2,500 eq / 106 g, a number average molecular weight of 2,000 to 50,000, and a 
lactic acid content percentage of not less than 40 weight %,Z—(O—(CH2CH2O)p—(CO—Y—O)q—X)r  (1)wherein Z is an r-valent 
organic group, Y is —CH(CH3)—, or a mixture of —CH(CH3)— and C2-10 linear or branched alkylene group, and X is a residue of a polybasic acid having 2 or more carboxyl groups, or 
hydrogen; each of X, Y, and Z may be one kind or a mixture of a plurality of different kinds; and p, q, and r are 0 or a positive integer, p has an average value of not less than 0.5, q has an average value of not less than 5, and r has an average value of not less than 3 and not more than 15.An 
aqueous dispersion, an aqueous resin composition, an aqueous 
adhesive, an aqueous paint, aqueous ink, a laminate made of an aqueous 
adhesive or aqueous ink, a packaging material, a sustained-release 
biodegradable coating agent, and a sustained-release biodegradable coated body comprising the sustained-release 
biodegradable coating agent, which contain the 
polyester resin.