IPOs fail to stop China sliding in financial development rankings

China has dropped two places in the latest global rankings of international financial systems and capital markets.

The World Economic Forum's Financial Development Report 2009, which was co-authored by renowned economist Nouriel Roubini, ranks countries based on 120 variables including institutional and business environments, financial stability, and size and depth of capital markets. A country receives a final score based on seven pillars which include business environment and financial stability; most countries' scores dropped significantly this year.