China has leaped to 34th from 54th in this year's Global Competitiveness Report, released yesterday by the World Economic Forum (WEF) in Geneva, Switzerland.
The annual report, based on publicly available data and the results of a survey by the WEF of more than 11,000 business leaders in a record 131 countries, is designed to measure the factors affecting an economy's business climate.
"China's competitive performance reveals a superior macroeconomic environment," Fiona Paua, head of strategic insight teams at the WEF, said.
"But if China is to further enhance its position in the global economy, it needs to address its competitive disadvantages in the areas of financial markets, higher education and training, as well as the quality of its public and private institutions," she said.
The US came top of the list (up from fifth last year), followed by Switzerland (first last year), Denmark, Sweden, Germany, Finland and Singapore.
"The United States is endowed with a combination of sophisticated and innovative firms operating in efficient factor markets. This is buttressed by a good university system and strong collaboration between the educational and business sectors in research and development," the report said.
(China Daily November 1, 2007)