BEIJING — China's bond market is playing a growing role in serving the real economy, data from the country's central bank shows.

By the end of August, the balance of various bonds in China totaled 142.3 trillion yuan (about $20.24 trillion), the second-highest globally, according to the People's Bank of China.

The country's direct financing scale has expanded thanks to the development of the bond market. Net bond financing accounted for 31 percent of the country's total social financing by the end of last month, up 10 percentage points from the same period in 2017.

With a balance of 32.2 trillion yuan by the end of August, corporate credit bonds have become the second-largest financing channel of the real economy, after credit loans, boasting lower costs than the latter in general.

Bond types have also been enriched. The balance of local government bonds stood at 34.6 trillion yuan by the end of August, making it the most significant variety in China's bond market.