China's financial institutions report 9.9% growth in assets

BEIJING - Assets of financial institutions in China rose to 461.09 trillion yuan ($64.97 trillion) 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.