China now has seven of world’s ten biggest banks

China’s “big four” state-run banks are the largest in the world in terms of asset scale, reports the South China Morning Post. This underscores Beijing’s rising ambitions to build the country into a global financial powerhouse.

The ranking released by The Banker magazine on Wednesday was topped by the four Chinese banks–Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and Bank of China–with JPMorgan Chase following in fifth place.

In total, Chinese banks made up seven of the top ten in the ranking, which lists global banks in terms of tier-one capital size. All seven of them are controlled by the Chinese government.