The trading volume of China's property rights market hit 22.5 trillion yuan (3.28 trillion U.S. dollars) last year, marking a new high, data showed.

About 14.86 trillion yuan of financial assets were traded in 2022, according to the Chinese State-owned Property Exchanges Association. Procurement transactions and asset and equity transactions came in at 5.1 trillion yuan and 1.88 trillion yuan, respectively.

While natural resource deals stood at 649.7 billion yuan, transactions of various environment-related rights, including carbon emission and pollution discharge rights, were 13.33 billion yuan.

While acknowledging the notable improvement, Xia Zhongren, secretary-general of the association, said the market still needs to be more modernized and digitalized, meet higher standards, and offer more market-oriented services.

Xia called for pushing forward reforms and innovation and accelerating the national integration.