China's banking assets up by 19%

Assets of China's banking sector grew by 19.1 percent in 2011 to 105.8 trillion yuan or 16.8 trillion U.S. dollars.

This was revealed by a People's Bank of China report, which added that the number of business outlets of financial institutes totalled 200,000 as of the end of 2011 and the sector's workforce added 111,000 people from a year earlier to reach 3.19 million.

Financial institutes in China's eastern parts accounted for 60.2 percent of the sector's total assets, the report said.

The western regions expanded most in 2011 at a rate of 21.8 percent, followed by 20.4 percent in the east, 18.6 percent in the northeast, and 17.5 percent in the middle parts.

Also, due to growing public awareness to asset management and the creation of more financial products, deposits growth continued to slow, with the expanding rate in the east, middle, west and northeast areas pulling back 3.7, 1.1, 1.6, and 0.3 percentage points, respectively, according to the report.

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