This file photo taken on March 13, 2018 shows the headquarters of the People's Bank of China in Beijing, capital of China. China's financial institutions saw a steady expansion in assets by the end of 2022, official data showed March 15, 2023. (PHOTO / XINHUA)

BEIJING – China's financial institutions saw a steady expansion in assets by the end of 2022, official data showed Wednesday.

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) 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.

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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.

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