China narrows gap with US in global finance rankings as digital economy rises
China has climbed to fourth place in the world for financial competitiveness, surpassing its previous rank and narrowing the gap with the United States for the fourth consecutive year, according to a new report unveiled Thursday at the Digital Finance Forum during the Global Digital Economy Conference 2025 in Beijing.
The report, published by the Chinese Academy of Social Sciences (CASS), evaluated 31 countries on their financial systems’ ability to allocate resources and manage risks on a global scale. The United States, United Kingdom, and Japan retained the top three spots, China Daily reports.
“For segmented indicators, 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 Liu Dongmin, senior research fellow at the CASS Institute of World Economics and Politics.
The study highlighted rapid advances in China’s fintech sector. The country’s fintech development potential index jumped from 35.12 in 2024 to 57.25 this year, propelling China’s ranking in this metric from 12th place to fourth globally. Notably, China’s AI talent index also climbed from eighth to fourth place.
Li Dongrong, former deputy governor of the People’s Bank of China, underscored China’s leading role in shaping the global digital economy. “China’s development of digital finance technology, especially mobile payment technology, is globally leading. Leveraging on the growth of digital technology, China’s financial services have effectively covered areas that were previously difficult to reach, and the country has made effective breakthroughs in inclusive finance,” he said.
Data from ChinaIRN showed the global digital finance market reached $4.5 trillion last year, with China alone accounting for $3.2 trillion, consolidating its status as a major engine of global growth.
This story is written and edited by the Global South World team, you can contact us here.
