China continues to lead the way among so-called BRIC emerging economies in the annual Global Competitiveness Report released by the World Economic Forum. China solidified its position among the top 30 most competitive economies by improving one place to 29th.
Brazil and India improve to 56th and 49th respectively, while Russia falls 12 places to 63rd. The report says the rise in China's ranking is mainly due to its enormous market and high growth rates in recent years.
In addition, Switzerland becomes the most competitive economy in the world. While the US falls from the top spot to second, due to a number of escalating weaknesses.
Other economies in the top 10 include Singapore, Sweden, Denmark, Finland, Germany, Japan, Canada and the Netherlands.
(CCTV September 9, 2009)
