Hangzhou is capital of East China's Zhejiang province. [Photo/CFP]

Hangzhou, capital of East China's Zhejiang province, has replaced Guangzhou as the fourth largest financial center in China, following Beijing, Shanghai, and Shenzhen, according to a list recently released by the Research Institute of Capital Markets and New Fortune, a financial service platform.

The survey evaluates 141 Chinese cities based on four major indicators -- economic competitiveness, capital market scale, strength of financial institutes, and vitality of capital market.

The total market value of Hangzhou's listed companies increased significantly when NongFu Spring went public.

Statistics show that Hangzhou had 201 listed companies by Nov 30, 12 more than in Guangzhou, and as of Nov 30, the market value of the listed companies in Hangzhou was 8.58 trillion yuan ($1.31 trillion), 2.64 times larger than in Guangzhou.

The Global Center for Digital Finance is launched at the 2019 Workshop on Global Digital Finance Development and Governance, which was held in Hangzhou, capital of China's Zhejiang province, on Oct 29. [Photo/zj.zjol.com.cn]

Meanwhile, the value of stock, bond, and fund transactions in Hangzhou reached 7.1 trillion yuan in 2019, 20 percent more than in Guangzhou.

Over the past few years, Hangzhou's financial technology has seen rapid development as well. According to the 2019 report on financial technology released by the Academy of Internet Finance at Zhejiang University, Hangzhou and Shenzhen tied for sixth in the world in terms of the strength of their financial technology.

Hangzhou is home to more than 50 listed tech firms, including Alibaba, Hikvision, and Dahua, providing strong support for the growth of financial technology in the city.