More new loans to be used in urbanization programs

BEIJING - The China Development Bank (CBD) said Tuesday over half of its new loans in 2013 will be used in urbanization programs and related projects to offer support to the real economy.

Chen Yuan, Chairman of the CDB, the country's largest policy bank, made the remarks during the organization's work conference.

The bank added loans of 116.6 billion yuan ($18.5 billion) for affordable housing projects last year. New loans made to rural area construction amounted to 135 billion yuan during the period, according to Chen.

As of the end of 2012, the total assets of the CDB reached 7.37 trillion yuan, with the non-performing loans ratio at 0.3 percent, Chen said.

The bank has not yet published its annual report for last year. Its 2011 report showed the CDB had an outstanding loan balance of 5.5 trillion yuan by the end of 2011, including both RMB and foreign currency-denominated loans.