BEIJING — China's insurance sector has raised 16.6 trillion yuan ($2.33 trillion) for the real economy by the end of the first quarter (Q1), the country's banking and insurance regulator said.

The total assets of China's insurance sector reached 21.72 trillion yuan by the end of Q1, up 13.66 percent year-on-year, said the China Banking and Insurance Regulatory Commission (CBIRC).

The outstanding insurance capital for operation stood at 19.43 trillion yuan during the same period, up 13.9 percent year-on-year, noted the CBIRC.

The CBIRC will strengthen policy guidance and give full play to the insurance capital's advantage in long duration and stable source to support high-quality development, said the CBIRC.