Chinese actress Fan Bingbing has topped Forbes magazine's annual ranking of celebrities in China for the third consecutive year.

Fan ranked No. 1 on the '2015 Forbes China Celebrity 100 List' with an annual income of over $20 million.

She was followed by singer Jay Chou, who earned just over $16 million in the past year and actor Nicholas Tse, who took nearly $13 million.

Two major indicators were used to determine the commercial value of each celebrity, income and exposure.

Fan has been dubbed the TV queen, starring in the popular drama "The Empress of China" and other hit shows.

Actors Jackie Chan, Huang Xiaoming, Sun Li, Zhao Wei, and Andy Lau ranked fourth through eighth due to a booming Chinese film market, which is already the second largest in the world.