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<p>FinTech serves as a pivotal driver for fostering high-quality economic growth and sustainable development.Understanding its spatiotemporal evolution and identifying key influencing factors are essential for nurturing urban FinTech expansion and achieving economic excellence. This study utilizes data from 287 Chinese cities spanning 2012 to 2021, employing the number and market/book value of FinTech companies to measure FinTech development levels. Leveraging ArcGIS spatial statistical models, the study analyzes spatial FinTech patterns, while a random forest model identifies key influencing factors and their temporal evolution. Findings reveal a positive spatial auto-correlation in urban FinTech, with hotspots clustered around core cities like Beijing and Shanghai alongside eastern coastal areas, juxtaposed with coldspots predominantly in Ningxia and select northeastern and southern regions, indicating relatively underdeveloped FinTech ecosystems. Such spatial inequality stems from institutional gaps, digital infrastructure endowments, and industrial structure heterogeneity. Moreover, the macro environment and market structure exert profound direct impacts on FinTech, with most influencing factors exhibiting nonlinear relationships with FinTech evolution. Diverse city types demonstrate distinct priority on FinTech drivers, particularly regarding endogenous motivation and innovation engines, showcasing scenario-based diversity across the full sample, non-resource-based cities in central-eastern regions, northwestern non-resource-based cities, and southern non-resource-based cities. This study integrates FinTech development with inclusive finance and green and sustainable growth, providing valuable insights for harnessing FinTech as a transformative force to enhance economic quality and environmental sustainability in China. Specifically, this study identifies three transmission channels—green credit facilitation, carbon footprint tracking via blockchain, and inclusive green finance through digital platforms—through which FinTech advances environmental sustainability and inclusive development.</p>

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Spatiotemporal evolution and influencing factors of FinTech in China: empirical insights from machine learning

  • 期刊论文

  • 发表日期：

    2026年8月3日

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  • Wei Wang,
  • Salman Wahab,
  • Xianqiang Li,
  • Binhong Wu,
  • Rui Zhang

摘要

FinTech serves as a pivotal driver for fostering high-quality economic growth and sustainable development.Understanding its spatiotemporal evolution and identifying key influencing factors are essential for nurturing urban FinTech expansion and achieving economic excellence. This study utilizes data from 287 Chinese cities spanning 2012 to 2021, employing the number and market/book value of FinTech companies to measure FinTech development levels. Leveraging ArcGIS spatial statistical models, the study analyzes spatial FinTech patterns, while a random forest model identifies key influencing factors and their temporal evolution. Findings reveal a positive spatial auto-correlation in urban FinTech, with hotspots clustered around core cities like Beijing and Shanghai alongside eastern coastal areas, juxtaposed with coldspots predominantly in Ningxia and select northeastern and southern regions, indicating relatively underdeveloped FinTech ecosystems. Such spatial inequality stems from institutional gaps, digital infrastructure endowments, and industrial structure heterogeneity. Moreover, the macro environment and market structure exert profound direct impacts on FinTech, with most influencing factors exhibiting nonlinear relationships with FinTech evolution. Diverse city types demonstrate distinct priority on FinTech drivers, particularly regarding endogenous motivation and innovation engines, showcasing scenario-based diversity across the full sample, non-resource-based cities in central-eastern regions, northwestern non-resource-based cities, and southern non-resource-based cities. This study integrates FinTech development with inclusive finance and green and sustainable growth, providing valuable insights for harnessing FinTech as a transformative force to enhance economic quality and environmental sustainability in China. Specifically, this study identifies three transmission channels—green credit facilitation, carbon footprint tracking via blockchain, and inclusive green finance through digital platforms—through which FinTech advances environmental sustainability and inclusive development.