The non-performing debt rate of the State Development Bank (SDB) fell to 1.31 percent last year, about 0.57 percentage points lower than 2003, the China Securities Journal reported.

According to the bank's annual report audited by the Pricewater House Coopers, SDB's total net profits grew up 31.8 percent to a record high of 17.4 billion yuan (US$2.1 billion) last year. Its capital adequacy ratio stood at 10.5 percent while the owners' equity was 107.5 billion yuan (US$12.99 billion).

The report shows that assets managed by SDB soared from 13.8 billion yuan (US$1.67 billion) by 2003 to the present 77.8 billion yuan (US$9.41 billion), providing a good foundation for the development of securities business.

By 2004, more than two trillion yuan (US$241.84 billion) worth of bonds had been issued by SDB. Last year alone the amount was 360 billion yuan (US$43.53 billion).

(Xinhua News Agency April 16, 2005)