BEIJING — The total assets of banking institutions reached 285 trillion yuan (about $40.57 trillion) at the end of the third quarter, an official with the country's top banking and insurance regulator said on Nov 19.

Huang Hong, vice chairman of the China Banking and Insurance Regulatory Commission, made the remarks at the 21st Century Economic Annual Meeting in Beijing.

China's economy has posted generally stable operation with financial risks contracting since the beginning of this year, and the quality and efficiency of economic and financial development have been further enhanced, Huang said.

A total of 11 banks and seven insurance companies from the Chinese mainland made the Fortune 500 list in 2019, while the size of the country's insurance market ranked second in the world at the end of Q3, Huang added.