IDEAS home Printed from https://ideas.repec.org/a/sae/envira/v58y2026i2p274-302.html

Steering FinTech: Techno-industrial policy for the data-driven economy in China’s Greater Bay Area

Author

Listed:
  • Dimitar Anguelov

Abstract

China has emerged as a global force in the digital economy, its rapid technological advancement challenging the technological leadership of the West and generating geopolitical-economic tensions. Positioned at the cutting edge of innovation, financial technology – commonly referred to as FinTech – has emerged as a key terrain in this battle for financial and technological dominance. China’s rapid ascendance in this sphere raises questions about the political-economic drivers and conditions of existence of such transformations. While the literature on FinTech examines market-driven, industry- and firm-specific processes transforming global financial networks, less is known about the roles of the state in steering the integration of technological and financial systems as a national development strategy. This paper analyzes how the Chinese party-state under Xi Jinping is implementing a techno-industrial policy centered around data as a new factor of production, seeking to ascend the industrial value chain and compete at the technological frontier. Focusing on the Greater Bay Area region – a preeminent innovation economy and financial hub – the paper examines the policy mechanisms, local economic spaces and practices grounding this digital economy, shaped by the interplay between state interventionism and the market-driven allocation of resources.

Suggested Citation

  • Dimitar Anguelov, 2026. "Steering FinTech: Techno-industrial policy for the data-driven economy in China’s Greater Bay Area," Environment and Planning A, , vol. 58(2), pages 274-302, March.
    • Handle: RePEc:sae:envira:v:58:y:2026:i:2:p:274-302
    DOI: 10.1177/0308518X251394557
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/0308518X251394557
    Download Restriction: no
    File URL: https://libkey.io/10.1177/0308518X251394557?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Sudeep Jain & Daniela Gabor, 2020. "The Rise of Digital Financialisation: The Case of India," New Political Economy, Taylor & Francis Journals, vol. 25(5), pages 813-828, July.
    2. Anna L. Ahlers, 2018. "Introduction: Chinese governance in the era of ‘top-level design’1," Journal of Chinese Governance, Taylor & Francis Journals, vol. 3(3), pages 263-267, July.
    3. Karl Aiginger & Dani Rodrik, 2020. "Rebirth of Industrial Policy and an Agenda for the Twenty-First Century," Journal of Industry, Competition and Trade, Springer, vol. 20(2), pages 189-207, June.
    4. Lin Justin Yifu & Xiaobing Wang, 2022. "Dual Circulation: a New Structural Economics view of development," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 20(4), pages 303-322, October.
    5. Paul Langley & Andrew Leyshon, 2023. "FinTech platform regulation: regulating with/against platforms in the UK and China," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 16(2), pages 257-268.
    6. Dimitar Anguelov, 2024. "State‐owned Enterprises and the Politics of Financializing Infrastructure Development in Indonesia: De‐risking at the Limit?," Development and Change, International Institute of Social Studies, vol. 55(3), pages 493-529, May.
    7. Linda Weiss & Elizabeth Thurbon, 2021. "Developmental State or Economic Statecraft? Where, Why and How the Difference Matters," New Political Economy, Taylor & Francis Journals, vol. 26(3), pages 472-489, May.
    8. Eric Sheppard, 2011. "Geographical political economy," Journal of Economic Geography, Oxford University Press, vol. 11(2), pages 319-331, March.
    9. Julian Gruin & Peter Knaack, 2020. "Not Just Another Shadow Bank: Chinese Authoritarian Capitalism and the ‘Developmental’ Promise of Digital Financial Innovation," New Political Economy, Taylor & Francis Journals, vol. 25(3), pages 370-387, April.
    10. Chiu-Wan Liu, 2023. "Conceptualising private fintech platforms as financial statecraft and recentralisation in China," New Political Economy, Taylor & Francis Journals, vol. 28(3), pages 433-451, May.
    11. Kean Fan Lim, 2017. "State rescaling, policy experimentation and path dependency in post-Mao China: a dynamic analytical framework," Regional Studies, Taylor & Francis Journals, vol. 51(10), pages 1580-1593, October.
    12. Jun Zhang & Jamie Peck, 2016. "Variegated Capitalism, Chinese Style: Regional Models, Multi-scalar Constructions," Regional Studies, Taylor & Francis Journals, vol. 50(1), pages 52-78, January.
    13. Gomes,Alexandre De Podestá & ten Brink,Tobias, 2023. "A Chinese Bureaucracy for Innovation-Driven Development?," Cambridge Books, Cambridge University Press, number 9781108972215, August.
    14. Ge, Wei, 1999. "Special Economic Zones and the Opening of the Chinese Economy: Some Lessons for Economic Liberalization," World Development, Elsevier, vol. 27(7), pages 1267-1285, July.
    15. Neil M. Coe & Karen P. Y. Lai & Dariusz W�jcik, 2014. "Integrating Finance into Global Production Networks," Regional Studies, Taylor & Francis Journals, vol. 48(5), pages 761-777, May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hassink, Robert & Gong, Huiwen, 2017. "Sketching the Contours of an Integrative Paradigm of Economic Geography," Papers in Innovation Studies 2017/12, Lund University, CIRCLE - Centre for Innovation Research.
    2. Dr. P. Gopikrishna & Dr. J Anil Premraj & Dr. A. Manikandan & Dr. M. Vinothkumar & R. Ajayendra & Dr. S. Raja & Chen Chen E. Dasigan & R. Nivardhan & D. Harish & Dr. A. Rushikesava & M.Venkata Sai Kou, 2024. "A Study on Techno-Nationalism, an Emerging Trend in the 21st Century India [Une étude sur le techno-nationalisme, une tendance émergente dans l'Inde du 21e siècle]," Post-Print hal-04504278, HAL.
    3. Grillitsch, Markus & Asheim, Björn & Fünfschilling, Lea & Kelmenson, Sophie & Lowe, Nichola & Lundquist, Karl Johan & Mahmoud, Yahia & Martynovich, Mikhail & Mattson, Pauline & Miörner, Johan & Nilsso, 2023. "Rescaling: An Analytical Lense to Study Economic and Industrial Shifts," Papers in Innovation Studies 2023/11, Lund University, CIRCLE - Centre for Innovation Research.
    4. Tomaso Duso & Martin Peitz, 2026. "Aligning Competition Policy and Industrial Policy in the EU ±," Journal of Industry, Competition and Trade, Springer, vol. 26(1), pages 1-35, December.
    5. Shuai Shi & Kathy Pain, 2020. "Investigating China’s Mid-Yangtze River economic growth region using a spatial network growth model," Urban Studies, Urban Studies Journal Limited, vol. 57(14), pages 2973-2993, November.
    6. Gordon L Clark & Ashby H B Monk, 2014. "The Geography of Investment Management Contracts: The UK, Europe, and the Global Financial Services Industry," Environment and Planning A, , vol. 46(3), pages 531-549, March.
    7. Enachescu Vladimir-Aurelian, 2025. "Exploring The Long-Term Shifts In Consumer Engagement With Nonbanking Financial Services In A Hybrid Digital Economy," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 2, pages 196-206, April.
    8. Michael Grote & Dariusz Wojcik & Matthew Zook, 2024. "Sticky substance with sticky power: Oil in global production and financial networks," Environment and Planning A, , vol. 56(2), pages 436-453, March.
    9. Jim Glassman, 2018. "Geopolitical economies of development and democratization in East Asia: Themes, concepts, and geographies," Environment and Planning A, , vol. 50(2), pages 407-415, March.
    10. Enrico Bergamini & Georg Zachmann, 2020. "Exploring EU’s Regional Potential in Low-Carbon Technologies," Sustainability, MDPI, vol. 13(1), pages 1-28, December.
    11. Boyao Zhang & Liping Xu, 2025. "Research on Policy Optimization for Coordinated Development of Digital Content Industry in China’s Yangtze River Delta Region—Based on the PMC-Index Model," SAGE Open, , vol. 15(3), pages 21582440251, September.
    12. Pietro Moncada-Paternò-Castello, 2022. "Top R&D investors, structural change and the R&D growth performance of young and old firms," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(1), pages 1-33, March.
    13. Emil Evenhuis, 2017. "Institutional change in cities and regions: a path dependency approach," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 10(3), pages 509-526.
    14. Jonas Meckling & Jesse Strecker, 2023. "Green bargains: leveraging public investment to advance climate regulation," Climate Policy, Taylor & Francis Journals, vol. 23(4), pages 418-429, April.
    15. Patricia Todd & Bradon Ellem & Caleb Goods & Al Rainnie & Leigh Smith, 2020. "Labour in global production networks: Workers and unions in mining engineering work," Economic and Industrial Democracy, Department of Economic History, Uppsala University, Sweden, vol. 41(1), pages 98-120, February.
    16. Ioannou, Stefanos & Wójcik, Dariusz & Pažitka, Vladimír, 2021. "Financial centre bias in sub-sovereign credit ratings," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 70(C).
    17. Giovanni Dosi & Andrea Roventini & Emmanuele Russo, 2020. "Public Policies And The Art Of Catching Up," Working Papers hal-03242369, HAL.
    18. Ronald B. Davies & Rodolphe Desbordes, 2018. "Export Processing Zones and the Composition of Greenfield FDI," Working Papers 201807, School of Economics, University College Dublin.
    19. Sumon Kumar Bhaumik & Nigel Driffield & Saul Estrin & Zarlasht M. Razeq, 2025. "Geopolitical alignment, outside options, and inward FDI: an integrated framework and policy pathways," Journal of International Business Policy, Palgrave Macmillan, vol. 8(2), pages 137-154, June.
    20. Giovanni Dosi & Andrea Roventini & Emanuele Russo, 2021. "Public policies and the art of catching up: matching the historical evidence with a multicountry agent-based model [Catching up, forging ahead, and falling behind]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 30(4), pages 1011-1036.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:envira:v:58:y:2026:i:2:p:274-302. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.