BEIJING, July 1 -- China's trust industry reported steady expansion in the first quarter of 2023, industry data showed.

The outstanding trust asset value came in at 21.22 trillion yuan (about 2.94 trillion U.S. dollars) at the end of March, up 5.23 percent from a year earlier, according to the China Trustee Association.

China's trust assets have posted positive year-on-year growth for four consecutive quarters since the second quarter of 2022, the association said.

By the end of the first quarter of 2023, the country's trust funds held 4.57 trillion yuan in securities, up 29.06 percent year on year. However, the money that went to the property sector fell 28.21 percent from a year ago.