BEIJING — Chinese financial institutions held 302.71 trillion yuan (about $43.8 trillion) in total assets by the end of the first quarter in 2019, official data showed.

The volume expanded 8 percent year-on-year, according to the People’s Bank of China (PBOC).

In breakdown, the combined assets of banking institutions came in at 275.82 trillion yuan, up 7.7 percent from the same period last year.

Securities institutions recorded 7.78 trillion yuan in total assets by the end of Q1, up 9.6 percent year-on-year. Insurance institutions saw their assets expand 10.9 percent to 19.11 trillion yuan.

Liabilities of China’s financial institutions rose 7.6 percent year-on-year to 275.85 trillion yuan by the end of Q1, PBOC data showed.