China Retains No. 28 Ranking on Global Competitiveness Index

(Beijing) — A rising fiscal deficit, the lack of a level playing field, and financial inefficiencies and instability were some of the main flaws eroding China’s edge as the country retained its No. 28 ranking on this year’s global competitiveness list published by the World Economic Forum (WEF).

Tax rates, which have been hotly debated in the country ever since a well-known business leader publicly lashed out at the high domestic tax burden in defense of his $1 billion investment in the United States, were cited as one of the top concerns for doing business in China in a survey of company executives included in the report.