Foreigners wave Chinese flags during a flash mob event celebrating the 70th anniversary of the founding of the People's Republic of China at Yiwu International Trade City on August 15, 2019 in Yiwu, Zhejiang Province of China.

China has overtaken the U.S. to become the world's largest diplomatic network, according to the latest annual report from a Sydney-based think tank.

The Lowy Institute's 2019 Global Diplomacy Index, published Wednesday, showed China had climbed to the top spot for the first time, underlining Beijing's growing international ambitions.

The index is an analysis of the number of embassies and consulates maintained by countries around the world.

The Australian think tank reported China had 276 diplomatic posts worldwide, narrowly ahead of the U.S., which was found to have 273. The two countries were found to have an equal number of embassies, but Beijing has more consulates around the world than Washington.

"It's ascent to the top spot has been rapid," Bonnie Bley, lead researcher from the Lowy Institute, said in the report published Wednesday.