China's financial institutions see assets increase in Q1

BEIJING, June 9 (Xinhua) -- China's financial institutions saw expanded balance sheets by the end of the first quarter (Q1) of 2023, official data showed Friday.

The country's financial institutions saw their combined assets increase 10.8 percent year on year to 439.33 trillion yuan (about 61.78 trillion U.S. dollars) by the end of Q1, while their combined liabilities rose 11.3 percent from a year earlier to 400.81 trillion yuan, data from the People's Bank of China shows.

Banking institutions -- accounting for the lion's share of the financial industry -- reported an 11-percent rise in total assets, while companies in the securities industry saw their combined assets jump 7 percent year on year.

The country's insurers reported combined assets of 28.37 trillion yuan, up 10.5 percent year on year, central bank data shows.