The 2011-2012 Global Competitiveness Report ranked China 26th in terms of global competitiveness, which marks an improvement of one position over the ranking last year.

China leads the way among the BRIC economics. Of the four other BRIC countries, South Africa and Brazil moved up to 50th and 53rd, respectively, while India and Russia were downgraded to 56th and 66th, respectively.

Since 2005, China has been moving up in the rankings year by year. The report speaks highly of China's macroeconomic environment, which is ranked 10th among the 142 economies covered by the report.

With its high savings rate and moderate fiscal deficit, China is one of the countries with the least amount of debt around the world, according to the report. With sound economic prospect, China has done better than other BRIC countries in improving the quality of its sovereign debt.

Since 1979, the Global Competitiveness Report, issued annually by the World Economic Forum, has ranked countries with key pillars of competitiveness.

Source:Source: People's Daily Overseas Edition