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The ongoing reform of the China Development Bank (CDB) will not affect its bond rating, as government policies will not change, the bank's vice-governor Gao Jian said yesterday.

 

China's National Financial Work Conference, held in late January, said it would fully commercialize the policy-oriented bank's operations, sparking market concern over its bond issues.

 

The government regulator told the bank there would be no change regarding supporting policies after the bank's "commercialization reform", according to Luo Lin, director of the bank's treasury department.

 

The policies include the central bank's support of the CDB's fluidity and management rules on its bond issues.

 

"The government's policy support, as well as our sound business performance, will ensure the sustainability of our bond rating," said Gao Jian, at the bank's meeting with its financial bond underwriters in Hainan Province.

 

According to Gao, the bank's non-performing loans ratio was only 0.72 percent at the end of 2006.

 

"After the reform, the bank will focus on its mid- and long-term business and bond issues will remain its main financing channel," Gao said.

 

The bank has already issued its first 20-billion-yuan batch of bonds this year. The second batch will be issued later and is set to top 20 billion yuan.

 

The CDB issued a total of 630 billion yuan in bonds in 2006, offering capital support in its role of funding the country's key infrastructure and industrial projects.

 

(China Daily March 14, 2007)