The World Economic Forum released The Global Competitiveness Report 2010-2011 on Thursday ahead of its Annual Meeting of the New Champions 2010 in Tianjin.

China rises by two more places this year to 27th in the rankings, continuing to lead the way among large developing economies, and solidifying its place among the top 30. Among the three other BRIC economies, Brazil (58th), India (51st) and Russia (63rd) remain stable.

Switzerland continues to top the overall rankings. The United States falls two places to fourth position, overtaken by Sweden (2nd) and Singapore (3rd), after ceding the top place to Switzerland last year.

The Global Competitiveness Report's competitiveness ranking is based on the Global Competitiveness Index (GCI), which is based on 12 pillars of competitiveness, which are institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.

Video: Christie Lee & Sun Peng

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