The China Development Bank (CDB), one of China's three policy banks, saw its non-performing loan (NPL) ratio drop to 0.68 percent in June this year from 32.63 percent in 1998.
CDB had kept its NPL ratio below two percent for 57 consecutive months, said Ma Chengquan, director of the bank's planning bureau.
The bank's loan balance rose from 513.6 billion yuan (66.7 billion U.S. dollars) in 1998 to 2.13 trillion yuan in June this year but its asset quality kept improving, said Ma.
By the end of last year, 78.6 percent of the loans were used to boost the country's infrastructure development and in the basic industries - the industries of energy, communications, transport and raw materials.
Meanwhile, 30.2 percent went to the western regions and the old industrial bases in the northeast.
Last year the bank strengthened its support for the government's policy of building new socialist countryside, with loans of 64 billion yuan going to rural areas.
Established in 1994, the bank had 2.31 trillion yuan in total assets by the end of last year, with 2006 net profits rising 22.8 percent to 28 billion yuan.
Source: Xinhua
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