In 2020–2021, global investors poured into Chinese capital markets. This financial reallocation towards China took place within the context of a neoliberal, US-dominated global financial order. Although economic allocation in China follows fundamentally different state-capitalist logics, China has been gaining importance for financial allocation globally. Two outcomes are possible from this development: Does China adopt neoliberal norms and accept the contemporary order’s power constellations? Or does global finance accommodate China’s state-capitalist norms with implications for US power? This explorative paper develops a research agenda to investigate these questions. First, it develops a conceptual/methodological framework to analyze financial reallocation towards China. Second, it examines how state-capitalist logic persists through how China’s opening process is structured. Third, it illustrates the potential malleability of global finance as it compromises neoliberal norms and impedes US financial power. These preliminary findings suggest that rather than unanimously supporting the liberal script, global finance may be accommodating China’s state capitalism as the potential future center of the global economy.