According to a new report released on Wednesday by IMD, a leading global business school in Switzerland, China's overall competitiveness in the world ranks 20th, with the U.S. ranked 1st and Hongkong ranked 2nd. China performed well in areas like domestic economy, international trade, employment, public finance, labor market, and scientific infrastructure, but scored poorly in international investment, business legislation, management practices, health, and environment. 

The IMD World Competitiveness Yearbook 2009 ranks a total of 57 economies, click here for details of complete ranking.