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DW Chinese: US Competitiveness Rank Fell to Second Place

Deutsche Welle Chinese Edition recently reported that The World Economic Forum (WEF) just released its annual Global Competitiveness Report. The United States fell from number one to number two this year. The top five globally are Singapore, the United States, Hong Kong, the Netherlands, and Switzerland. China ranked number 28 globally and number 8 in the Asia-Pacific region. Compared to last year, Germany’s rank suffered a very big decline globally, from the third to the seventh place. This was mainly due to the low implementation rate of fiber network deployment (number 72) and mobile bandwidth (number 58). The slide in the U.S. rank was primarily the result of trade tariffs and the worry about their long-term investment impact. However, Singapore’s move to the top was largely due to the increased port benefits at the time of a trade war between the two largest economies. The WEF report is based on data in categories of infrastructure, health, the labor market, the financial system, market openness, and the ecosystem for innovation.

Source: DW Chinese, October 9, 2019