China’s financial institutions saw a steady expansion in assets by the end of 2022.

The country’s financial institutions saw their combined assets increase 9.9 percent year on year to 419.64 trillion yuan (about 61.1 trillion U.S. dollars) by the end of last year, while their combined liabilities rose 10.3 percent from a year earlier to 382.33 trillion yuan, data from the People’s Bank of China showed.

Banking institutions, accounting for the lion’s share of the financial industry, reported a 10-percent rise in total assets, while companies in the securities industry saw their combined assets jump 6.6 percent year on year, China’s News Agency (Xinhua) reported.

The country’s insurers reported combined assets of 27.15 trillion yuan, up 9.1 percent year on year, central bank data showed.

Source: Qatar News Agency