China's competitiveness ranking rose from 27th to 26th among 142 economies in the world this year, continuing to lead the way among large developing economies, said the World Economic Forum (WEF) in the Global Competitiveness Report 2011-2012 released on September 7.

China has improved its score and ranking each year since 2005.

The report said China is one of the world's least indebted countries, boasts a savings rate of some 53 percent of GDP, and runs only moderate budget deficits.

However, China's fairly poor results in the financial market development and technological readiness pillars pull down its overall competitiveness performance, said the report.