The United States remains the most competitive economy in the world despite its ongoing financial crisis, while China continues to lead the way among developing economies and joins the top 30 for the first time. That's according to a new report from the World Economic Forum.

The annual Global Competitiveness Report released at the World Economic Forum says the US economy is endowed with many structural features that makes its economy extremely productive and places it on a strong footing to ride out business cycle shifts and economic shocks. And despite increasing concerns about the soundness of the banking sector, the country's other strengths continue to make it a very productive environment.

China improves by four places this year and joins the top 30 for the first time as the only major developing country. According to the report, China benefits greatly from its large and rapidly growing foreign and domestic market size, allowing for significant economies of scale. The country's macroeconomic stability also remains a strong source of competitive advantage.

European economies continue to prevail in the top 10 with Switzerland, Denmark, Sweden, Finland, Germany and Netherlands. The top ten list also includes Japan, Singapore and Canada.

Among emerging economies, India ranks 50th, Russia ranks 51st and Brazil 64th.

(CCTV October 10, 2008)