BEIJING -- The State Council, China's cabinet, reported on state-owned assets (SOAs) of administrative and public institutions to the top legislature on Wednesday.

The Standing Committee of the National People's Congress reviewed the detailed report on the status, management and progress of SOAs of administrative and public institutions.

By the end of 2018, total SOAs of administrative and public institutions amounted to 33.5 trillion yuan (about 4.7 trillion U.S. dollars), with net assets hitting 23.6 trillion yuan.

Entrusted by the State Council, Finance Minister Liu Kun delivered the special report, which also encompassed statistics of various SOAs of those institutions.

According to the report, SOAs of the centrally administered institutions came in at 4.7 trillion yuan by the end of 2018, while those at the local level totaled 28.8 trillion yuan.

The growing SOAs in public institutions lay a solid foundation for the sustained and healthy development of China's economy and society, Liu said.

The Central Committee of the Communist Party of China introduced the reporting mechanism in December 2017 to enhance NPC supervision over SOAs, a move analysts believe will boost the transparency and credibility of SOA management.