BEIJING, Jan. 30 (Xinhua) -- China's rural policy bank continued financing support for poverty relief and agricultural development last year.

The Agricultural Development Bank of China (ADBC) directed loans of 389.3 billion yuan (around 57.81 billion U.S. dollars) to poverty relief in 2018, according to the bank's annual work conference.

The bank's outstanding loans to agricultural modernization surpassed 200 billion yuan at the end of December.

ADBC chairman Xie Xuezhi said the bank will step up efforts to bolster local industries in poverty-stricken areas this year.

With new loans of 1.8 trillion yuan last year, the ADBC's outstanding loans amounted to 5.14 trillion yuan, up 9.7 percent year on year.

Established in 1994, the ADBC is under the direct leadership of the State Council to raise funds through a market based on national credit to support the development of agriculture, rural areas and farmers.