China's innovation tops 'many advanced economies'

Out of 137 economies surveyed worldwide, the Chinese mainland ranks 27th in terms of overall competitiveness while in innovation, it is "on par or even better than many advanced economies," the Geneva-based World Economic Forum said on Wednesday.

The Chinese mainland placed between South Korea and Iceland in the annual ranking based on factors contributing to productivity and prosperity, according to a report released by the forum.

The mainland ranks highest among the BRICS group of five emerging markets and moved up to 27th, one place higher than in last year's assessment. BRICS also includes Brazil, Russia, India and South Africa.