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China ranks 20th in competitiveness

CHINA'S overall competitiveness in the world ranks 20th, a fall of three places compared to last year, according to a new report released by the Swiss-based global business school IMD yesterday.

According to the IMD World Competitiveness Yearbook 2009, which ranks a total of 57 economies, China has been performing well in a number of areas, notably in domestic economy, international trade, employment, public finance, labor market and scientific infrastructure.

The areas in which China does not perform very well include international investment, business legislation, management practices, health and environment.

The report also lists a number of challenges that China faces in 2009, including further reform in the financial sector, coping with the complicated situation of the world economy, creating more employment opportunities for a growing labor force and enhancing the quality and efficiency of public investment in infrastructure.

Of the 57 economies ranked by the IMD, the United States still ranks No. 1. Hong Kong has switched places with Singapore to gain the 2nd place and is swiftly "closing the gap" with the United States.

China's Taiwan (23rd) fell 10 places from last year.


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