Chinese Banks Dominate Global Rankings, Holding Seven of World's Top 10

China continues to dominate the global banking sector, with seven of the world's 10 largest banks under state control, according to the latest rankings released by The Banker magazine, Chelsea Yang reported for the South China Morning Post (SCMP).

Industrial and Commercial Bank of China is the world's largest bank by Tier 1 capital. (Photo: CGTN)

The ranking placed China's four largest state-owned lenders at the top of the global list:

• Industrial and Commercial Bank of China (ICBC) 

• China Construction Bank 

• Agricultural Bank of China 

• Bank of China 

JPMorgan Chase ranked fifth. The rankings are based on Tier 1 capital, a key measure of a bank's financial strength and stability.

Overall, seven Chinese banks were included among the world's top 10, highlighting Beijing's long-term goal of developing China into a leading global financial center.