BEIJING, Jan. 5 -- The balance of China's trust assets reached 22.64 trillion yuan (about 3.19 trillion U.S. dollars) by the end of the third quarter of 2023, industry data showed on Friday.

The trust assets balance went up 7.45 percent year on year, according to the data released by the China Trustee Association.

The trust industry is accelerating the pace of transformation, continuously optimizing its business structure and serving the real economy and people's livelihoods.

Yuan Tian, a special researcher with the association, said the investment function of trust assets has been significantly enhanced, and the trust industry is more focused on fiduciary services.

Data showed that as of the end of the third quarter of 2023, the scale of investment trust business was 10.69 trillion yuan, a year-on-year increase of 16 percent.