China is the world’s fourth most financially competitive global economy, according to a report by the Chinese Academy of Social Sciences.
The report’s ranking was led by the United States, the United Kingdom, and Japan. China rose from fifth to fourth the previous year, driven by growth in its financial technology industry.
“China's financial technology competitiveness has ranked third for two straight years, and this year's score is significantly higher than last year, driven by notable development potential of China's fintech industry,” said Chinese Academy of Social Sciences senior research fellow Liu Dongmin.
The country’s fintech industry development potential index was ranked fourth globally, the report found. Its score grew from 35.12 last year to 57.25, with its ranking rising from 12th place.
China’s fintech market was valued at US$4.59 trillion in 2024, ResearchAndMarkets.com found, and is projected to reach $9.97 trillion by 2030.
Digital payments are the largest segment of the country’s fintech industry, due to the widespread adoption of payment platforms like Alipay.
Shenzhen placed third in the 2025 Global Financial Centres Index’s fintech ranking. Mainland Chinese cities Guangzhou, Beijing, Shanghai, and Chengdu also placed in the top 20, while Hong Kong ranked fourth.
A separate global financial competitiveness report by IMD last month ranked China at 16th, dropping two places from the previous year, with Hong Kong in third place. The U.S. also fell one rank to 13th.
