China's financial institutions report 9.9% growth in assets

Assets of financial institutions in China rose to 461.09 trillion yuan (about 64.97 trillion U.S. dollars) as of the end of 2023, up 9.9 percent year on year, according to the central bank.

Of the total, assets of the banking sector reached 417.29 trillion yuan, up 10 percent; assets of securities institutions rose 5.6 percent to 13.84 trillion yuan, and the insurance sector's assets hit 29.96 trillion yuan, up 10.4 percent, the People's Bank of China said in a statement.

Meanwhile, liabilities of financial institutions stood at 420.78 trillion yuan, up 10.1 percent year on year. Of the total, liabilities of banking institutions accounted for 383.12 trillion yuan, up 10.1 percent; liabilities of securities institutions came in at 10.43 trillion yuan, up 5.5 percent year on year, and liabilities of insurance institutions stood at 27.22 trillion yuan, up 11.4 percent, the central bank data showed.