China Development Bank (CDB) was founded in 1994 as a policy financial institution under the direct leadership of the State Council. It was incorporated as China Development Bank Corporation in December 2008, and officially defined by the State Council as a development finance institution in March 2015. CDB has a registered capital of RMB 421.248 billion. Its shareholders include the Ministry of Finance of the People’s Republic of China (36.54%), Central Huijin Investment Ltd. (34.68%), Buttonwood Investment Holding Co., Ltd. (27.19%) and the National Council for Social Security Fund (1.59%). CDB provides medium- to long-term financing facilities that serve China’s major long-term economic and social development strategies. By the end of 2015, its assets grew to RMB 12.62 trillion, a balance of loans of RMB 9.21 trillion, and a cumulative recovery rate of 98.78% that continued to lead the industry for the sixteenth consecutive year. We also further enhanced our sustainability and risk management, delivering a net profit of RMB 102,788 million, ROA of 0.90%, ROE of 11.74%, and capital adequacy of 10.81%. Professional credit rating agencies including Moody's and Standard & Poor's have rated CDB at the same level as China’s sovereign rate. CDB is the world’s largest development finance institution, and the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance. It ranked 87th on the Fortune Global 500 list in 2015. CDB currently has 37 primary branches and 3 secondary branches on the Chinese mainland, one offshore branch in Hong Kong and five representative offices in Cairo, Moscow, Rio de Janeiro, Caracas and London, with about 9,000 staff. Its subsidiaries include CDB Capital Co.,Ltd., CDB Securities Co.,Ltd., CDB Leasing Co.,Ltd. and China-Africa Development Fund Co.,Ltd