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 ($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.

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.