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A bird’s eye view of Beijing’s CBD. [Photo/China.org.cn] |
The Chinese mainland’s world competitiveness rating has risen seven notches from last year’s 25th position to 18th this year, according to the latest yearbook issued by the Lausanne Institute for Management Development (IMD) in Switzerland.
The report uses four key indices, namely, economic performance, government efficiency, business efficiency and infrastructure, in its evaluation.
With its outstanding economic performance index which ranked second among the economies surveyed, the Chinese mainland also outperformed other economies in scores for the domestic economy and employment, contributing much to its ranking improvement.
According to IMD’s analysis, the rise of Chinese competitiveness primarily attributes to deepened integration into global trade, which helped ameliorate its economic performance and government and business efficiency.
Among the 63 economies analyzed, China’s Hong Kong has continued as the the world’s most competitive region, while, Switzerland retained the runner-up spot from last time. Singapore overtook the United States to gain the third place, while the latter fell to the fourth.
According to Arturo Bris, director of the IMD World Competitiveness Center and Professor of Finance, the top economies are displaying a more open and business-friendly environment as competitiveness is heavily weighted by governmental and enterprise efficiency.
The decline by one place in American competitiveness indicates the economic uncertainties as the top executives contributing to the rating gave low marks to its governmental and business efficiency, as a result of capricious politics and rising protectionism that weighed down the country’s achievements in employment and inflation control.
Initiated in 1989, IMD’s World Competitiveness Yearbook produces its annual ranking based on 260 indices, two-thirds of which are “hard” indices, including employment and trade statistics. The additional figures are based on the surveys of 6,250 top executives working for global conglomerates. The list incorporates 63 economies with the full score reaching 100 points.
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