The assets of China's banking and insurance sectors have expanded remarkably over the past decade, official data showed Thursday.

The total assets of the Chinese banking industry stood at 344.8 trillion yuan (51.5 trillion U.S. dollars) at the end of 2021, up 158 percent from that at the end of 2012, according to the China Banking and Insurance Regulatory Commission.

The total assets of the insurance industry reached 24.9 trillion yuan at the end of 2021, up 238 percent compared to that at the end of 2012.

The insurance penetration rate, or premiums as a share of GDP, rose from 2.98 percent to 3.93 percent, and the insurance density, or the per capita premium, increased from 1,144 yuan per capita to 3,179 yuan per capita.