The world's leading chief financial officers hold a more positive outlook of the Chinese economy than they do for the U.S. economy for the second straight quarter, according to the latest Q4 CNBC Global CEO Council Survey.

Workers at a construction site in an industrial park of an economic development zone in Handan City of north China's Hebei Province, May 4, 2020. (Photo: Xinhua)

In the Q4 survey, the CFOs upgraded the outlook for the Chinese economy from "Stable" in the Q3 rating to "Modestly Improving."

The CFOs from multinational corporations also improved the U.S. economy's outlook, from "Modestly Declining" in Q3 to "Stable" in Q4.

In other parts of the world, GDP outlook has generally improved as several countries are rolling out vaccine inoculation plans, which gives hope that the pandemic could be contained soon.

This quarter, along with the U.S., the CFOs also upgraded Canada and the UK from "Modestly Declining" to "Stable." Japan, the rest of Asia and the Eurozone maintained their "Stable" rating from the previous quarter. Africa, Middle East, Latin America and Russia still maintained their "Modestly Declining" rating.

The CNBC Global CFO Council represents some of the largest public and private companies in the world, collectively managing more than $5 trillion in market value across a wide variety of sectors.