7984399_145920547163_2npic.jpg (Photo : Nipic.com)
Financial firms in China have a total of 143.7 trillion yuan, or US$23.6 trillion, as of the end of October this year, the China Banking Regulatory Commission (CBRC) reported.
The latest figure represents a 14.3 per cent increase of assets of China's financial institutions from a year earlier.
According to the CBRC, major commercial banks lead China's financial industry with total assets of 61.1 trillion yuan, or US$10.02 trillion, growing at a rate of 9 per cent annually.
The assets of major commercial banks accounted for around 42.5 per cent of all the financial institutions in the country, the CBRC added.
Joint-stock banks, according to the CBRC, hold 26.2 trillion yuan in assets, or 18.2 per cent of the industry's total.
While assets of financial institutions stood at 143.7 trillion yuan, total debts of these firms reached 133.9 trillion yuan, or US$21.97 trillion, from January to October of this year.
Major commercial banks also reported total debts of 56.8 trillion yuan, or US$9.32 trillion, representing an increase of 8.7 per cent year-on-year
Meanwhile, the State Administration of Foreign Exchange (SAFE) said foreign direct investment (FDI) in the country's financial institutions dropped to US$1.53 billion in the third quarter of 2013 compared with the second quarter.
The FDI in financial institutions was US$623 million in the first quarter and went up to US$1.78 billion in the second quarter. During the third quarter, however, it dropped to US$1.53 billion, SAFE announced.
Financial institutions will be holding a joint conference to promote concerted financial regulation. The conference will be set by the People's Bank of China, the country's central bank.
The joint conference will not change anything from the existing financial regulation system but will discuss coordination of financial regulatory rules, a statement released by the central banks said. Minutes of the said conference will be submitted to the State Council.
