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China gains on US in competitiveness ranking as Taiwan joins top 10

Singapore and Hong Kong slip on IMD's list amid pandemic strain

SINGAPORE -- China made up ground on the U.S. in IMD's latest ranking of global competitiveness, while Taiwan cracked the top 10 for the first time.

On the other hand, Singapore slipped well out of the top spot and fellow Asian finance hub Hong Kong also fell, the Swiss business school revealed on Thursday.

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