Steering FinTech: Techno-industrial policy for the data-driven economy in China’s Greater Bay Area
研究中国在粤港澳大湾区如何通过技术产业政策，以数据为生产要素，推动金融科技发展并争夺全球技术领导地位，揭示国家干预与市场配置的互动。
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.