China 29th in competitiveness

China ranks No.29 in the Global Competitiveness Report 2013-2014, leading major emerging economies in the list, the World Economic Forum (WEF) said Wednesday.

China, which tops other BRICS nations by a wide margin among the world's most competitive economies this year, is ahead of South Africa (53rd). Brazil (56th). India (60th) and Russia (64th). WEF said, adding that China's ranking is unchanged from last year.

"The fact that China has managed to retain its position within the top 30 over the past five years is a remarkable feat, given the sheer size of the country, which makes every competitiveness-enhancing measure a titanic task," Thierry Geiger, associate director of the WEF's Centre for Global Competitiveness and Performance, told the Global Times.

Geiger added that China must progressively liberalize its markets, urgently improve the soundness of its banking sector, and create a more level playing field for all businesses.

WEF's report acknowledged that the Chinese institutional framework is improving slightly, but said weaknesses including corruption, security issues, and low levels of accountability and ethical standards among businesses remain. It also identified China as lagging behind in the financial market, technological adoption by firms and efficiency of its goods market.

To improve the comprehensive competitiveness index, China urgently needs to shift its extensive economic growth pattern to focus on efficiency, said Zhao Yongsheng, a visiting scholar with the Institute of European Studies at the Chinese Academy of Social Sciences, adding that such an effort includes improving land, labor and capital efficiency.

It also noted that "on a more positive note, China's macroeconomic situation remains favorable (10th)." citing low inflation, a moderate budget deficit and the world's lowest public debt-to-GDP ratio.

A raft of economic indicators released recently reinforced the view that China's economy is stabilizing following a shaky first half of this year.

"At this stage, double digit would probably not be healthy or desirable. Now it's more about quality more than quantity," Geiger said.