Global Competitiveness Report (GCR) 2004 issued by Swiss International Institute for Management Development (IMD) shows the economies of some Asian countries and regions are prospering; China and India have become the spotlights of global economy; some Southeast Asian countries and regions are growing in terms of competitiveness.

Asian countries and regions advance in global competitiveness

The report said Asian countries and regions are outstanding in aggregate competitiveness, Singapore, India, China's mainland and Taiwan, Malaysia and Hong Kong have all progressed greatly in the tally.

Singapore advanced from the fourth to the second, Hong Kong tenth to sixth, China's Taiwan 17th to 12th, Malaysia 21st to 16th. The ranking of China's mainland rose from 29th last year to 24th and that of India 50th to 34th.

It is predicted a rise in the economic development of Asian powers China, India as well as Russia, which will seriously change the rankings. The evaluation on global competitiveness held by International Institute for Management Development (IMD) covers 60 countries and regions on 323 items. A senior researcher with US Senate Committee of Foreign Relations said it is not unexpected that some Asian countries stand out in the evaluation this time as those countries have sound educational system thus a well-educated labor contingent. Those countries actively promote industry and commerce, formulate various policies and laws and create a social environment suitable to economic development. Also, those countries all have a stable political environment, which provide necessary conditions for economic development.

The report added China made outstanding economic achievement last year: 9.1-percent growth in national economy, US $400-billion foreign exchange reserve. China is the fourth top exporter following only the United States, Japan and Germany. The report predicts that China will be one of the centers of the world manufacturing industry soon.

China's Zhejiang Province much highlighted

What is notable is the stress in the report on China's Zhejiang Province, which ranks 19th in global competitiveness as the fastest-growing countries and regions with India.

The researcher commented that China is now developing into a newborn base of the world manufacturing industry. The reasons, besides the education level, social stability mentioned above, are that Chinese Government formulated policies attractive to foreign investment, which play a key role in promoting the development of national economy.

Although opinions differ on whether China can maintain a rapid economic growth, the researcher is optimistic. He said China is likely to further the reform and opening-up, or push it forward with the assistance of the United States and other trade partners' pressure against it. China will develop along the right orientation.

By People's Daily Online