BEIJING -- China's financial institutions saw expanded balance sheets in 2021, according to official data.

The country's financial institutions saw their combined assets increase 8.1 percent year-on-year to 381.95 trillion yuan (about $60.22 trillion) by the end of 2021, while their combined liabilities rose 7.9 percent from a year earlier to 346.58 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 7.8-percent rise in total assets, while companies in the securities industry saw their combined assets jump 21.2 percent year-on-year.

The country's insurers reported combined assets of 24.89 trillion yuan, up 6.8 percent year-on-year, the central bank data showed.