China’s Overall Global Competitiveness Improved

China ranked 28th in the global competitiveness rankings, unchanged from last year, but with a steady improvement in overall scores, according to the Global Competitiveness Report 2019 recently released by the World Economic Forum.

The top 10 are Singapore, the U.S., China’s Hong Kong, the Netherlands, Switzerland, Japan, Germany, Sweden, the U.K. and Denmark. Regionally, the Asia-pacific region is the most competitive region in the world, followed by Europe and North America.

Based on the global competitiveness index, the report assessed the competitiveness of 141 economies from 12 pillar indicators. These pillar indicators include institutions, infrastructure, information and communication technology adoption, macroeconomic stability, healthcare, skills, commodity markets, labor markets, financial systems, market size, enterprise vitality, and innovation capacity.

According to the report, China scored highly in market size, macroeconomic stability, innovation capacity, information technology application, and infrastructure.

In addition to this, China’s performance in some areas is comparable to that of members of the Organization for Economic Cooperation and Development (OECD), a group of mainly developed economies. For example, China’s performance in information technology applications exceeds that of 25 OECD members, and China’s average life expectancy is higher than that of the U.S., very close to the OECD average.