The Chinese mainland advanced one spot to No.9 in competitiveness among 37 economies in Asia in 2013, while Singapore and South Korea hold the top two positions respectively, according to a report released by Boao Forum For Asia on Wednesday.
The increasing competitiveness of the mainland is attributed to the stable economic growth, substantial increase of international patents re?gistration, and an increase in innovative product exports, according to the latest Asian Competitiveness Annual Report.
However, the slow development of IT infrastructure, inadequate facilities to fight against pollution, as well as the government agencies' inefficiency hindered the competitiveness of the mainland.
Hong Kong was the third most competitive economy in Asia in 2013, down from its No.1 position one year earlier, given a sliding export of high-tech products indicating a slowdown in innovation.
Taiwan ranked as the fourth most competitive economy in the region, falling one spot from No.3 in 2012.
Singapore overtook Hong Kong to become the most competitive economy last year on the basis of its government efficiency and service quality, low jobless rate of 2 percent, and falling inflation.
South Korea advanced two spots from No.4 in 2012, due to its leading position in terms of international patents per capita, the report stated.
In terms of the most competitive non-financial corporations, China has 90 firms ?including 40 from Hong Kong and nine from Taiwan listed among the top 300. PetroChina remained the most competitive company by profitability in Asia.
About half of the 41 mainland enterprises listed in the top 300 are in the energy, new materials and property sector, said Wang Jun, an economist with the China Center for International Econo?mic Exchanges, a government think tank, at a press conference Wednesday.
China's Big Four banks, namely Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China, are the top four competitive financial corporations in Asia.
