To explain the jingoistic fear mongering carp of a headline, China doesn't have a good banking system and can't because of incredibly overbearing government regulation. Loans to state held companies are held at ridiculously low interest rates on order of the government, money can't move in or out of the country without a lot of trouble, and investment and loans on things other than property are tightly restricted.
This allows room for "totally not a bank" banks, aka "Fintech" systems to catch on in the country. Without technically being a "bank" the kind of onerous restrictions and oversight of financial institutions in China can be lessened, allowing people to put, lend, and move around their money more freely than in the formal banking system. Meanwhile in the US, while the Frank-Dodd act is ghastly, overbearing, and so F*ing long no one on earth has actually read the damned thing, much of it falls on smaller banks, aka competition to big banks. Which, thankfully, never the less still have enough comptetition among themselves, and few enough restrictions at least compared to China, that they're actually adapting to the internet and etc. fairly well, leveraging online banking and etc. to keep pace with any fancy schmancy "fintech" firm Silicon Valley et al. can come up with.
Meaning, sure, China has a lot more "fintech!" But China NEEDS a lot more fintech, or rather needs less arbitrary government interference that favors the government itself over the people, and fintech can help fill that need. The US, and the rest of the world, doesn't really need "fintech" that much. The banks that exist, whatever their faults, are good enough that fintech isn't going to solve much of their problems.