The ranking, published by Switzerland-based International Institute of Management Development, in the world competitiveness yearbook, takes into account 61 countries and regional economies.
China has improved its position from that of last year's 31 to this year's 19. The United States is still the world's most competitive economy, while Venezuela is the least competitive country in the ranking, according to the yearbook.
The ranking is based on 312 criteria spanning four areas of economic performance, government efficiency, business efficiency and infrastructure.
