The People's Republic of China improves its ranking by four places from No.34 of last year and joins the top 30 of the 134 global economics, according to the Global Competitiveness Report 2008-2009, announced on October 8 by the Geneva-based World Economic Forum.

The Report says, with annual average growth rates of 9.7 percent since the late 1970s, China has made impressive strides in developing and diversifying its economy, as well as in reducing poverty and improving standards of living for its population. Its enormous GDP makes China one of the largest economies in the world, behind only the United States, Japan, and Germany, and an increasingly key player in the global economy. The size of the (domestic and export) market available to the companies established in its territory is second only to that of the United States globally, allowing extraordinary economies of scale and efficiency gains.

(China IP News)