Out of 137 economies surveyed worldwide, the Chinese mainland ranks 27th in terms of overall competitiveness while in innovation, it is "on par with or even better than many advanced economies," the Geneva-based World Economic Forum said.
The Chinese mainland places between South Korea and Iceland in the latest WEF Global Competitiveness Index, an annual ranking based on factors contributing to productivity and prosperity.
The mainland ranks highest among the BRICS group of five emerging markets and moves up to 27th, one place higher than in last year's assessment.
BRICS also includes Brazil, Russia, India and South Africa.
The Hong Kong Special Administrative Region moves up three spots to sixth place.
According to the index, Switzerland, the US, Singapore, the Netherlands and Germany are the top five most competitive economies in the world.
David Aikman, chief representative of the World Economic Forum's China operation, said the most important development in the past decade has been the mainland's emergence as an innovation powerhouse.
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October 04, 2024