Better education for competitive boost

As expected, China is the best performer among the five BRICS economies in terms of competitiveness. Its position in the global competitiveness ranking remains unchanged from last year in the latest report of the World Economic Forum, ranking 28th among 141 economies.

The report’s index maps out the competitiveness landscape of 141 economies based on more than 100 indicators in a dozen categories, which include health, financial system, market size, business dynamism and capacity to innovate.

What is noticeable is the fact that China has obvious strengths in areas such as the sheer size of its market, macroeconomic stability, information communication and technology adoption and increasing capacity for innovation.

In terms of ICT adoption, China outperformed 25 of the 36 member countries of the Organization of Economic Cooperation and Development. In healthy life expectancy, China scores better than the United States and slightly under the OECD average.

Indeed the competitiveness of the United States is declining as it dropped from first place last year to second place this year, behind Singapore.

The cause of this is its trade protectionism, as its trade openness is more than four points lower than in 2018, according to the report.

With the world’s largest economy, its major trade partner, dragging its feet on trade and overall economic development, it is not easy for China to maintain the progress of its competitiveness.

To be specific, that it has been able to do so is due to its leadership’s unswerving resolve to do whatever it can to further open its door to the outside world. The negative list for overseas investors has been shortened. A new law to facilitate foreign investment has been enacted. The Belt and Road Initiative continues to be vigorously advanced.

As a beneficiary of economic globalization, China knows that having diverse economic contacts with the outside world is to its advantage. But it is also aware that they benefit others. So it will continue to further open its economy and restructure its economy for the well-being of its people and for the healthy development of the world economy.

China knows well that it has ground to make up in many areas. As the report indicates, China is among those countries whose education systems are failing to keep up with the pace of innovation. So China will have to make even greater efforts to reform and improve its education system and further enhance its capacity for innovation despite what it has achieved in recent years.

But with an inclusive mentality for greater cooperation with the world and the resolve to push through necessary reforms, China is poised to set off on another arduous journey to an even greater future.