BEIJING — The total assets of China's banking sector saw steady expansion in 2020, data from the country's top banking and insurance regulator showed.

By the end of last year, the total assets of China's banking institutions had climbed 10.1 percent year-on-year to 319.7 trillion yuan (about $49.5 trillion), according to the China Banking and Insurance Regulatory Commission.

Preliminary statistics showed that Chinese commercial banks raked in 2 trillion yuan in net profits last year, down 1.8 percent from a year earlier.

Their nonperforming loans ratio stood at 1.92 percent at the end of 2020, 0.06 percentage points lower from the beginning of the year.

Besides, the total assets of the insurance industry stood at 23.3 trillion yuan, up 13.3 percent year-on-year, the data showed.