China's financial institutions' assets up 9.7%

BEIJING -- China's financial institutions saw expanded balance sheets by the end of the second quarter this year, official data showed Wednesday.

The country's financial institutions saw their combined assets increase 9.7 percent year-on-year to 407.42 trillion yuan (about $58.95 trillion) by the end of Q2, while their combined liabilities rose 9.9 percent from a year earlier to 371.04 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 9.4-percent rise in total assets, while companies in the securities industry saw their combined assets jump 16.3 percent year-on-year.

The country's insurers reported combined assets of 26.64 trillion yuan, up 11 percent year-on-year, the central bank data showed.