File photo shows an exterior view of the People's Bank of China in Beijing, capital of China. (Xinhua/Peng Ziyang)

China's financial institutions saw expanded balance sheets by the end of the second quarter (Q2) of 2023, according to official data.

The country's financial institutions saw their combined assets increase 10.3 percent year on year to 449.21 trillion yuan (about 62.58 trillion U.S. dollars) by the end of Q2, while their combined liabilities rose 10.6 percent from a year earlier to 410.48 trillion yuan, data from the People's Bank of China showed.

Banking institutions -- accounting for the largest portion of the financial industry -- reported a 10.5 percent rise in total assets, while entities in the securities industry saw their combined assets expand by 5 percent year on year.

Assets of the country's insurers totaled 29.2 trillion yuan, up 9.6 percent year on year, the data revealed.