The China Development Bank (CDB), a major policy bank, reported Tuesday that its total assets had reached 16.2 trillion yuan (about 2.4 trillion U.S. dollars).

The institution had maintained a bad loan ratio below 1 percent for 14 consecutive years as of the end of 2018, said CDB Chairman Zhao Huan, at an annual working conference.

Upholding the basic tone of “seeking progress while maintaining stability” this year, the institution will maximise development-oriented finance’s function of counter-cyclical regulation, according to Zhao.

More efforts will be made to deepen supply-side reform and facilitate international cooperation to advance the Belt and Road Initiative, Zhao said.

He added that the institution would also accelerate the pace of innovation, upgrade financing patterns and consolidate risk management mechanism.

Founded in 1994, the CDB is designed to provide finance to major national projects and development strategies.