Competitiveness of Asian Economies

Part One
Annual Report 2014Competitiveness of Asian Economies
Part One
Annual Report 2014
Competitiveness of
Asian Economies
Boao Forum for Asia

Asian Competitiveness Annual Report 2014
Part One
Chapter 1
Internal and External Environments

Affecting the Competitiveness
of the Asian Economies
1.1 Developed Economies
on the Way of Recovery, with
Emerging Economies Faced with
Greater Downward Pressure
In 2013, the global economy experienced a robust
recovery, but the economic status of developed
economies and emerging economies had deviated
again. Unlike the situation a few years ago, the
divergence this time was featured with the
plunging growth rate of emerging economies, and
the constant and steady recovery of developed
economies, especially the US and Japan.
Developed economies saw increasingly
solid foundation for recovery. In 2013, the global
economy continued the momentum of a slow
growth, and the annual growth rate was estimated
to be 2.9 %. The growth rate of de vel o p e d
economies and emerging economies was projected
at 1.2% and 4.5%, respectively, making the difference
of projected growth rate between the two narrow
to 3.3% in 2013, compared with the 4.5% in 2011
and 3.4% in 2012. The US and Japan enjoyed robust
growth in 2013. The US economy grew 1.32%, 1.63%,
and 1.97% year-on-year in the first three quarters
of 2013, respectively, and the full year growth rate
was estimated to surpass 1.6%. Thanks to the steady
economic growth and the continuously declining
jobless rate, the US Federal Reserve began to taper
off the Quantitative Easing (QE) in December 2013.
Stimulated by the Abenomics, the economic policies
advocated by Japanese Prime Minister Shinzo Abe,

Japans economy maintained a strong growth
momentum. In the first three quarters of 2013, the
countrys economy grew 0.1%, 1.2% and 2.4% yearon-year, respectively. To avoid the risk of deflation,
Japan launched another USD182 billion economic
stimulus package in early December. At the same
time, the economic recession was alleviating in the
eurozone. The regions quarterly economy growth
rates stood at -1.8% and -0.5% year-on-year in the
first two quarters of 2013, respectively, and the
annual growth rate was forecast to be -0.4%. The
eurozone will gradually step out of the recession
interval in 2014. It will maintain the current loose
monetary policy, but there will be little possibility
to further expand the scale of the fiscal deficit. The
debt ridden Ireland has been completely bailed
out by international aids and its fiscal and debt
situations will gradually get back on the right track
in the medium term.
Emerging economies faced greater downward
pressure. Though emerging economies were
confronted with downward pressure in 2013, Chinas
economic growth was still thriving, maintaining
a steady growth rate of 7.7%. The growth rates
of Russia, India, Brazil and South Africa were all
below 4%. Moreover, some emerging economies
like Russia, India, Thailand, Indonesia, and Malaysia
were once on the verge of financial crisis. As for
growth prospect, the Organization for Economic
Cooperation and Development (OECD) composite
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leading index of the US, Japan and the eurozone

in October 2013 were 100.69, 101.13 and 100.89,
respectively (See Figure 1.1). These figures were
not only above the critical value of 100, but all
hit the new high in each economy in nearly two
years. In contrast, over the same period, the index
of India, Brazil and Russia were 97.88, 97.88 and
99.88, respectively, not only were they all below
the reading of 100, but these figures refreshed or
approached the lowest level since the financial
crisis. The economic difficulties of emerging
economies were not only reflected in the rapid
decline of economic growth, but also reflected in
the significant deterioration of the exchange rates,
balance of international payments, and financial
fragility. For example, the nominal exchange
depreciation of Indian rupee and Brazilian real
against the US dollar came to more than 20%.
The substantial devaluation of the exchange
rate failed to improve balance of international
payment significantly. In the first ten months of
2013, Indias currency trade deficit crawled as high

as USD129.4 billion, the highest among the BRICS
countries. Other Asian emerging economies like
Malaysia, Indonesia, Thailand, Republic of Korea
(hereinafter referred to as Korea), Chinas Taiwan,
were faced with the similar problems in the 1997
Asian financial crisislarge scale of external debts,
or high proportion of short- and medium-term
external debts. Among the emerging economies,
Latin American countries were also troubled by
the continued downward pressure on economic
growth. A number of countries were confronted
with multiple challenges of the rising inflation, high
fiscal deficit, imbalanced international payments,
capital outflow, and currency devaluation. In
summary, global economic recovery came on the
way in 2013, which, this time, was not merely led
by emerging economies, as developed economies
had already kept pace with emerging economies to
drive the growth.
Figure 1.1 OECD Composite Leading Index of Developed

Economies and Emerging Economies
Source: Wind Info.
1.2 Major Asian Economies in

Clearly Downward Trend, with
Differences Between Economies
Asia-Pacific region boasts most of the worlds major
emerging economies. The regions economic growth
in 2013 lingered at a lower level, and was clearly in
a downward trend. The Asian Development Bank

(ADB) released the Asian Development Outlook report
in October 2013, saying that as growth of China and
India, Asias two largest economies, staggered in
2013, growth rate of Asian developing economies
was expected to drop to 6.0%, down from the
6.1% in 2012. The growth rate was lower than the
Part One
ADBs previous prediction at the end of 2012, which

forecast that Asias growth rate would be 6.7% in
2013. Other institutions also lowered their prediction
made at the beginning of 2013. Following this trend,
the situation of different Asian economies varied
from each other.
As Asias largest economy, China is the
largest trading partner of most Asian economies.
Chinas economic slowdown was the result of the
Chinese governments active economic control,
and was basically immune to the impact of the
financial turmoil in emerging markets. In 2013,
China continued the strategy to expand domestic
demand, especially the consumption demand. Due
to unfavorable international and domestic economic
situation in 2013, Chinas quarterly economic growth
declined for 13 consecutive quarters since the first
quarter of 2010. Its economy grew 7.7% in the first
quarter of 2013, and 7.5% in the second quarter.
The growth rate finally rebounded to 7.8% in the
third quarter. Accordingly, the ADB raised its forecast
on Chinas economic growth to 7.7% in December
2013, an increase of 0.1 percentage point from its
previous forecast in October. In January 2014, The
International Monetary Fund (IMF) tuned up its
forecast for Chinas economic growth for a second
time to 7.5% (See Table 1.1), up 0.5 percentage
point from its previous forecast. Chinas national
fixed-asset investment grew 19.6% in the first 11
months of 2013, of which private investment in
fixed-assets increased by 23.1%, still higher than the
overall growth rate of investment. Retail sales, an
indicator reflecting household consumption grew
by 13.1% in November. From the first quarter to the
fourth quarter of 2013, consumption contributed
4.3, 3.4, 3.5 and 3.9 percentage points to economic
growth, respectively, and the total contribution
of capital formation was 2.3, 4.1, 4.3 and 4.2
percentage points, respectively. The contribution
of net expor ts fell to -0.3 percentage point,
down from the 1.1 percentage points in the first
quarter. These indicators suggested that as Chinas
strategy of maintaining a steady growth went on,
investment, once more, replaced consumption to
become the top engine of economic growth, and
exports turned sluggish again. As for the economic
climate indexes, the consumer confidence index
came to 98.9 in November of 2013, indicating a
weak consumer confidence. The manufacturing
purchasing managers index (PMI) was 51.4 that
month, unchanged from that in October, and was

the highest level since May 2012. It was the 14th
consecutive months that PMI standing above the
critical point of 50, which indicated that the Chinese
governments policy to maintain a steady growth
was effective, and China was getting out of the mire
of overcapacity, with manufacturing continuing to
turn better while achieving steady growth. In short,
these trends indicate that Chinas economy will
become healthier and more sustainable.
Japans economic growth continued at a
steady pace and was set to rebound, thanks to the
Abenomics which offered the three stimuli of ultraloose monetary policy, expansionary fiscal policy
and structural reforms . In the first three quarters,
the year-on-year growth of Japans economy was
0.1%, 1.2% and 2.4%, respectively. During the same
period, private consumption grew 1.6%, 1.8%
and 2.4% year-on-year, respectively, and gross
fixed capital formation growth was -1.3%, 0.7%
and 4.3%, respectively. Driven by a weaker yen,
Japans exports ceased negative growth and grew
3% in the third quarter. Though the growth of
private consumption contributed most to Japans
economic growth, the Japanese government's
massive public investment played an irreplaceable
role to the overall growth. In January 2013, the
Japanese government passed the USD117 billion
spending on government investment, bringing
a total stimulus package of USD226.76 billion. It
later introduced another USD182 billion economic
stimulus package in early December. These stimulus
measures drove up Japans public investment by
19% year-on-year in the third quarter, hitting a
new high in nearly two decades. Bank of Japan
announced its ultra-loose monetary policy on April
4, 2013, promising to buy an unlimited amount of
assets and double the monetary base to 270 trillion
yen, and set the inflation target at 2%. On June
14, the Japanese government unveiled the new
growth strategy, focusing on easing administrative
control, and arousing private investment. At this
point, Abenomics shot all the three arrows that
made up the governments plan to revitalize the
Japanese economy. The economic climate indexes
showed that Japans consumer confidence index
averaged 43.8 in the first 11 months of 2013, well
above the average level of 40 in 2012. The countrys
manufacturing PMI in December went up to 55.2,
reaching a new high in two decades. Besides, both
Boao Forum for Asia

the leading economic index and composite index

had hit the new high in recent years. The Abenomics
would bring about negative impacts in the long run.
However, at least in a short period of time, it did work
in terms of driving Japan out of the shadow of the
long-term deflation, and its consumer price index (CPI)
rose 1.5% in November 2013, giving out an optimistic
prospect for economic growth.
Indias economy continued the slowing pace in
2013, due largely to its staggering economic reforms
and the limited room for macroeconomic policy. In
the first three quarters of 2013, Indias real GDP growth
came to 4.8%, 4.4% and 4.8% year-on-year, respectively,
a significant decline compared with that of previous
years. In response to the economic downturn, Indias
central bank cut its benchmark interest rate for three
times. In September 2012, Indian announced a new
round of economic reform measures, by opening up
more sectors like retailing and the aviation, and lifting
caps on foreign investment in the countrys insurance
and pension market. As for economic indicators, Indias
monthly industrial production growth index averaged
0.68% in the first ten months of 2013, a record low
in recent years. Its manufacturing PMI fell below the
critical value of 50 for the first time in 2013, as the
August PMI dropped to a record low of 48.5. The
PMI gradually went up to 51.3 in November after
India adjusted its economic policy. But it was still
below the average monthly level of 54 in 2012. The
slowdown of the real economy also cast a shadow
of recession on Indias prominent service industry, as
Indias services PMI dropped to a record low of 47.2
in November. In terms of balance of international
payment, Indias goods trade deficit accumulated
to USD129.4 billion in the first three quarters of
2013. Although service trade remained a surplus of
USD52.2 billion, Indias current account deficit was
still up to USD45.2 billion in the first three quarters of
2013. Indias foreign exchange reserves experienced
a rare decline in this circumstance, which scaled
back by USD45 billion in the recent two years. In
summary, the relatively poor infrastructure and the
lagging economic structural reforms become the
bottleneck that hindered Indias economic growth.
Therefore, the IMF expected Indias economy to
grow 3.8% in 2013, below Chinas growth rate.
The Association of Southeast Asian Nations
(ASEAN) economies economic growth followed the
synchronized downward trend among emerging
economies in the world. In 2013, ASEAN economies
gradually narrowed the gap between member

economies through relying on rising domestic
demand, and mutual connection of infrastructure,
thus to achieve the target of building up the ASEAN
community in 2015. The ADB estimated that the
ten ASEAN members economy would increase by
around 4.9% in 2013. That would be 0.8 percentage
points lower than the previous years 5.7% and 0.5
percentage points lower than the ADBs prediction
of 5.4% in the beginning of the year. The regions
three largest economies, Indonesia, Malaysia and
Thailand, all saw a marked decline in economic
growth rate. In 2013, the three countries economies
were expected to grow 5.3%, 4.7% and 3.1% yearon-year, respectively, which fell by 0.9, 0.9 and
3.4 percentage points compared with those of
2012. The Philippines enjoyed a sound economic
situation, which was expected to grow 6.8% yearon-year, and that was the same as that of 2012. The
predicted economic growth for Brunei was 1.4%
year-on-year, Laos 8.3%, Cambodia 7.0%, Myanmar
6.8%, Singapore 3.5%, and Vietnam 5.3%. The
slowed growth of Indonesia, Malaysia and Thailand
was the result of a weak exports and dwindling
investment. As one of the worlds largest coal and
palm oil producers, Indonesia was hit hard by the
worlds sluggish commodity market. In the first
three quarters of 2013, Indonesias current account
deficit climbed to USD24.3 billion, which was the
primary cause of its lingering financial turmoil. In
the first three quarters of 2013, Thailands economic
rose 5.5%, 2.9% and 2.6% year-on-year respectively.
Malaysia saw its investment growth slowed to 9.3%
in the first half of 2013, down from the 21% in 2012.
Indonesias investment growth fell to 5.2% from
the average 9% in the past three years. Due to the
political unrest in Thailand, the countrys investment
growth slowed to 5.1% in the first half, declining
from the 13.3% in 2012. This trend drove all ASEAN
economies economic growth on the slow lane.
Vietnams economic growth was stilled troubled by
the banking system, and credit and investment were
both subject to oppression. Its economic growth in
2013 was also slower than that in previous years, as
its economy grew 4.9%, 5.14% and 5.42% year-onyear, respectively, in the first three quarters of 2013.
In the third quarter of 2013, the economy of
Korea grew 1.1% quarter-on-quarter, showing a
sound growth momentum. The Bank of Korea issued
Korea Economic Outlook Report 2013-2014 in October,
Part One
predicting that the countrys GDP will grow 2.8%

year-on-year in 2013. This growth rate was lower
than the 6.0% in 2010, and the 3.7% in 2011 but
higher than the 2.0% in 2012. In 2013, the countrys
private consumption grew by 1.9%, equipment
investment fell 1.2%, construction investment
went up by 6.1%, and goods exports rose 5.5%
while imports increased by 3.8%. Koreas economic
authority believed that the Korean economy was
recovering in 2013, and the economic climate was
turning up. The major driver of the second quarter
growth was the governments additional and
adjusted fiscal investment, and that of third quarter
growth could be attributed to the recovery of
consumption and exports, and the positive growth
in equipment investment. To maintain the current
growth momentum, the Korean government must
stabilize the exchange rate, expand fiscal spending,
and lower taxes and other policies to promote
investment, and create enough jobs, which would
facilitate the stable and healthy development of
its real economy. Koreas economic growth will
jump to 3.7% in 2014, up from 2.8% in 2013. Koreas
economic growth will maintain 4.0% in 2015.
The Australian economy experienced persistent
low growth rates in first three quarters of 2013. The
quarterly economic growth was 2.1%, 2.4% and
2.3% year-on-year, respectively, and the annual
growth rate was estimated to be 2.5%. The reason
behind the slowdown was that Chinese economic
downturn in 2012 led to a shrinking global demand
for Australias resources, making Australias mineral
resources investments decline faster than expected,
while investment in non-resource sector recovery
is extremely slow. In fact, in the global commodity
super cycle since the 21st century, Australias resource
exports grew faster than the non-resource products.
But when its expanded initial investment and
growing production capacity encountered with the
situation when global resource products prices fell
and demand shrank, Australias exports growth fell
sharply in 2012. As for its economic growth prospect
and the economic climate, Australias consumer
confidence index fell to 105 points in December
2013, declining nearly 5% from the 110.3 points in
November, and hit the lowest level since July 2013.
The consumer confidence fell mainly because of the
sharp deterioration in the unemployment situation,
making residents feel even uncertain about the
future. Australias unemployment rate was 5.8% in
November 2013. Its long-term jobless population

reached the highest level in nearly 11 years, with the
number of people unemployed for more than one
year came to 144,100, more than twice of its lowest
level of 63,400 in August 2008. The November jobless
data also hit the new high since September 1998,
and the jobless rate was expected to rise to 6.25% in
2013, as Australias economic growth will continue
to be a little below potential levels after the mining
investment reached its peak.
Turkeys economic recovery was evident in 2013.
In the first half of 2013, the Turkish economy went
up 3.7%, higher than the previous forecast of 3%. Its
second quarter growth rate was 4.5%, 1.6 percentage
points higher than that in the first quarter, and its third
quarter growth came to 4.3%. Turkeys fast economic
growth was mainly benefited from the recovery of
domestic demand and rising public spending. But as
the US Federal Reserve adjusted its monetary policy
and unrest in Syria posed challenges, the Turkish
economy is faced with increasing downside risks.
Data showed that the Turkish export growth plunged
from 11% in January to 8.23% in October. In addition,
since May of 2013, the volatility of global financial
markets drove a massive amount of capital out from
the emerging markets, which made the Turkish lira
fall sharply against the US dollar, further deteriorating
Turkey s economic growth prospects in the second
half. As of the end of October 2013, Turkeys current
account deficit reached USD52.8 billion, higher
than the USD40.2 billion in the same period of
2012. The current account deficit came as a result
of a substantial increase in energy imports and a
surging amount of interest payment to external
debt. However, the Turkish domestic savings rate
was only 12.6%, far below the average 33.1% in
other emerging economies, making Turkey heavily
dependent on foreign capital to balance the current
account deficit. In short, the high current account
deficit has posed to be the biggest challenge to
Turkeys growth prospect.
Saudi Arabia is a major economy in the Middle
East. The Saudi Ministry of Finance predicted that
the countrys GDP would reach USD745.3 billion in
2013, an increase of 3.8% year-on-year. Its exports
volume would total USD367 billion, down 5.5% yearon-year, and total imports would reach USD153.1
billion, growing 8.0% year-on-year. Therefore, the
country would achieve a trade surplus of USD213.9
billion, down 13.3% year-on-year. Judging from
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segments, the non-oil private sector continued to

maintain strong growth, with an increase of 5.5%
year-on-year. The construction, retail, transportation,
communication and non-oil manufacturing sectors
all grew more than 5% year-on-year. Current account
balance of oil export revenues reached USD129.8
billion, accounting for 17.4% of the countrys GDP.
Saudi Arabia invested as much as 18 billion riyals in
the information industry, making information security

the countrys most potential sector in recent years.
It is worth noting that as Saudi Arabia implements
industrial restructuring to reduce its reliance on the
energy sector, exports of the countrys non-energy
sectors have surged in recent years. Its non-oil
exports amounted to approximately USD4.8 billion,
representing an increase of 12.6%.
Table 1.1 Economic Growth Trends of Major Economies

in Asia-Pacific Region, 2011-2014 (%)
Economy
2011
2012
2013
2014
Australia
2.4
3.7
2.5
2.8
Japan
-0.6
2.0
2.0
1.2
New Zealand
1.4
2.7
2.5
2.9
East Asian Economies
8.2
6.6
6.7
6.6
China, Peoples Republic of
9.3
7.7
7.6
7.5
Chinas Hong Kong
4.9
1.5
3.0
4.4
Korea, Republic of
3.7
2.0
2.8
3.7
Chinas Taiwan
4.1
1.3
2.2
3.8
South Asian Economies
6.4
3.5
4.0
5.2
Bangladesh
6.5
6.1
5.8
6.0
India
6.3
3.2
3.8
5.1
Sri Lanka
8.2
6.4
6.3
6.7
ASEAN Economies
4.7
5.7
4.9
5.3
Brunei
3.4
0.9
1.4
6.2
Cambodia
7.1
7.3
7.0
7.2
Indonesia
6.5
6.2
5.3
5.5
Laos
8.0
7.9
8.3
7.8
Malaysia
5.1
5.6
4.7
4.9
Myanmar
5.9
6.4
6.8
6.9
The Philippines
3.6
6.8
6.8
6.0
Singapore
5.2
1.3
3.5
3.4
Thailand
0.1
6.5
3.1
5.2
Vietnam
6.2
5.2
5.3
5.4
West Asian Economies
3.9
4.6
2.3
3.6
Bahrain
2.1
4.8
4.4
3.3
Jordan
2.6
2.8
3.3
3.5
Kuwait
6.3
6.2
0.8
2.6
Oman
4.5
5.0
5.1
3.4
Pakistan
3.7
4.4
3.6
2.5
Qatar
13.0
6.2
5.1
5.0
Saudi Arabia
8.6
5.1
3.6
4.4
Emerging Market Economies in Asia
7.8
6.4
6.3
6.5
Asia
5.8
5.1
5.1
5.3
Note: The 2013 and 2014 data are of the predicted value. Emerging market economies in Asia: China, India, Indonesia, Malaysia, the
Philippines, Thailand and Vietnam.
Source: www.imf.org.
Part One
1.3 Some Asian Economies

Faced with Similar Internal and
External Environment of the
Asian Financial Crisis in 1997
Starting from 2013, emerging economies, including
Asian economies, were once again confronted
with the similar internal and external environment
of the Asian financial crisis in 1997. Historically,
from the year 1994 to 1997, the US Federal Reserve
cumulatively raised the benchmark interest rate
for 250 basis points, which finally reached 5.5%
before the breakout of that crisis. It not only
increased Asian economies burden in terms of
foreign currency debt, but also led to a stronger
dollar and the reversal of interest rate differential,
resulting in massive capital backflow to the US,
and directly triggered the crisis. The US Federal
Reserve is gradually withdrawing from the QE, and
the countrys 10-year bond rate had rebounded to
2.8%, initiating mounting pressure on emerging
economies in terms of short-term capital outflow in
2013. In the last week of August, emerging markets
saw an equity fund outflow of USD3.8 billion, and a
bond fund outflow of USD2 billion, of which, fund
outflow in Asia (excluding Japan) was the most
significant. The capital massively flowed to the
equity markets of developed economies like the
US and Europe. In the first seven months of 2013,
net inflow to the Exchange Traded Funds (ETF) in
the North American equity market accumulated
to USD102.4 billion, and that to Japanese market
came to USD28 billion, with the European market
receiving a net inflow of USD4.3 billion.
Some emerging economies in Asia, such
as Malaysia, Indonesia, Thailand, Korea, Chinas
Taiwan, are also faced with the problem similar
to that in the Asian financial crisis, large scale of
external debts, or a high proportion of short-term
external debts. The ratio of external debts to GDP
in the above mentioned economies had all come
above 30%, and for the latter four economies,
short-term external debts had accounted for more
than a third of their total foreign debts. In the case
of Indonesia and Korea, their total external debt
had already outnumbered their foreign exchange
reserves. This indicates that once there is a reversal
of capital flows, the solvency of Asias some
emerging economies would be worrisome. The
occurrence of this situation is an inseparable result

of the developed economies credit expansion after
their quantitative easing monetary policy in recent
years, which exacerbated the financial fragility.
Particularly for India, Indonesia and some other Asian
economies, there is an obvious trend of expanding
credit and rising leverage in recent years. The M2/
GDP proportion had risen sharply, and asset price
bubbles like the real estate had become the severe
ills of the economies. After the economic slowdown,
emerging economies should cut interest rates to
boost growth, but the increased pressure of capital
outflows forced central banks of India and Indonesia
to raise interest rates to support the exchange rate
of their currencies. Once the real estate bubble
bursts, financial institutions will be cornered with
surging bad debts, which will further amplify the
financial market turmoil.
However, it is undeniable that compared with
1997, most Asian economies have significantly
improved their ability of resisting financial risks.
First, their foreign exchange reserves are relatively
high, as most economies see their foreign exchange
reserves to GDP ratio well above 30%, except for
Indonesia, which only has a ratio of 10%. Second,
unlike the situation in the 1990s, when most Asian
economies adopted the fixed exchange rate
mechanism, they are now mostly applying a floating
exchange rate system, making the exchange rate
significantly flexible, thus capable to alleviate the
impact of external shocks. On the one hand, the
two-way exchange rate fluctuations ease central
banks pressure as to intervene in the market at any
specific point of time, reducing the consumption
of foreign exchange reserves to maintain exchange
rate stability. On the other hand, increased exchange
rate flexibility will prevent short-term capital
betting on unilateral devaluation, and add up the
speculative costs.
Third, in recent years, the majority of Asian
economies have established a relative complete
international coordinating mechanism against
financial crises, such as the anti-crisis fund and
currenc y swap mechanisms. These regional
coordination and cooperation enable Asian
economies to offer timely and mutual supports to
each other, and greatly enhance their strength in
terms of withstanding external financial risks.
Boao Forum for Asia

10
Part One
Chapter 2
Chinas Economic and Trade

Cooperation Strategy of Sharing
Prosperity with Neighboring Economies
2.1 Updated China-ASEAN Free
Trade Area (FTA) to Enhance
China-ASEAN Cooperation
The year 2013 marked the 10th anniversary of
the establishment of China-ASEAN strategic
partnership. As the worlds largest free trade area
among developing economies, the China-ASEAN
free trade area covers a population of 1.9 billion,
with its economic size surpassing USD10 trillion.
The free trade area has made great progress in
terms of cooperation and development. After ten
years endeavor, China and ASEAN have realized
a comprehensive, multi-level and wide-ranging
cooperation.
As for bilateral trade, the overall tax rate that
China levies on ASEAN falls to 0.1% on average,
after its four rounds of tax cuts in 2005, 2007, 2009
and 2010. The six founding members of the ASEAN
impose zero tariffs on more than 90% of Chinese
products, with their average tax rate on Chinese
products dropping to 0.6%. The significantly
reduced tariffs greatly stimulated bilateral trade, as
bilateral trade volume rose to USD400.1 billion in
2013, up from the USD54.8 billion in 2002, which
represented an average annual growth of more than
20%. China has been the largest trading partner of
ASEAN for five consecutive years, while ASEAN has
overtaken Japan to become Chinas third largest
trading partner after the EU and the US.
As for investment, bilateral investment
between China and ASEAN members grows rapidly.

Meanwhile, Chinese enterprises investment to
ASEAN members expands from the traditional
sectors of construction and project contracting
to new energy, manufacturing, business services
and other fields. The implementation of the ChinaASEAN Investment Agreement provides a more stable
and open investment environment for enterprises
from China and ASEAN, and further promotes
bilateral investment. As of the end of 2012, the
two parties bilateral investment totaled USD100.7
billion, of which, the newly-added Chinese nonfinancial direct investment to ASEAN increased
52% year-on-year to USD4.42 billion, with ASEANs
actual investment to China growing to USD7.07
billion. The scope of Chinese investment in ASEAN
expands to producing and supply of electricity, gas
and water, leasing and business services, wholesales
and retailing, manufacturing, mining, finance, and
construction. Chinese enterprises also established
overseas economic and trade cooperation zones
in Cambodia, Thailand, Vietnam and Indonesia.
ASEAN has become the top destination for Chinese
enterprises overseas investment. China has also
become the biggest investor in ASEAN members
like Myanmar, Cambodia, and keeps expanding
investment cooperation with ASEAN, which boosts
local employment and tax income.
In addition, China and ASEAN economies
culture, education, tourism exchanges are becoming
increasingly frequent.
11
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In the future, it would be the common

choice of China and ASEAN members to deepen
cooperation in the free trade zone and update the
China-ASEAN economic and trade cooperation.
Currently, China and ASEAN are experiencing a
similar stage of development, meaning that there
are great potentials and bright prospects for
bilateral cooperation in fields like infrastructure
construction, energy, science and technology, and
agriculture.
2.2 Construct the Silk Road

Economic Belt Jointly to Realize
the Common Prosperity of China
and Central Asian Economies
In 2013, China proposed to jointly build the Silk
Road Economic Belt on the basis of the framework
of the Shanghai Cooperation Organization (SCO),
a move to comprehensively enhance economic
cooperation and integration between China and
Central Asian economies. Currently, the global
economic situation remains in the doldrums,
with trade protectionism and regional economic
collectivization emerging in various forms. How
to prevent the regional economic collectivization
from fueling trade protectionism has become an
important direction to promote balanced global
economic growth.
Since the establishment of the Shanghai
Cooperation Organization in 2001, its member
economies had made great progress in terms
of economic and trade ties, as well as social and
cultural exchanges.
Energy cooperation is the highlight of the SCO.
Central Asias Caspian region is the worlds major
source of oil and gas resources, and the exploration
of which is Central Asias biggest economic pillar.
At present, China has become the biggest buyer of
Central Asias energy. In recent years, large energy
cooperation projects like China-Kazakhstan oil
pipeline and China-Central Asia natural gas pipeline,
were completed and put into operation, pumping
fresh blood for regional economic development.
Long-term and stable energy cooperation between
China and Central Asia is of irreplaceable and
important strategic value to the two sides energy
strategies.
12
Speeding up interconnection is a consensus

of countries to jointly build the Silk Road Economic
Belt. The SCO explicitly stated in its mid-term
development strategy to promote economic
cooperation in finance, energy, communications
and agriculture sec tors. Currently, the SCO
member economies are actively promoting the
interconnection of the Central Asian economies
network of railways, highways, aviation, telecommunications, power, energy pipelines. China is
also developing cooperation with Central Asian
economies regarding flows of capital, logistics,
human resources and information. All these moves
will activate new economic growth engines.
With the constant improvement of infrastructure
in the region, networks connecting the regions
energy, transportation, and telecommunication
have taken shape. The SCO is working on financial
cooperation mechanisms, including establishing a
development bank to provide financing platform
for cooperation projects, which will provide a vast
space and lasting power for trade and economic
cooperation among economies along the Silk Road
Economic Belt.
It is a world trend to facilitate logistics, trade
and investment to lower trade and investment costs
within a region, which is also key to developing
regional economic cooperation. The legal basis
and organizing mechanism for regional economic
cooperation continues to improve. The SCO
has established regular trade ministers meeting
mechanism, which is responsible for organizing
and coordinating regional economic cooperation.
The mechanism set up divisions of senior official
commission and expert working groups to cover
critical cooperation fields such as customs, quality
inspection, e-commerce, investment promotion,
transit potential development, energy, information
and telecommunications. It further promotes intraregional trade and investment and improves the
cooperation in related fields. In the coming years,
the trilogy of building up the Silk Road Economic
Belt is to facilitate trade and investment, deepen
economic and technical cooperation, and establish
a free trade zone. Establishing a free trade area has
become the long-term goal for countries along the
Silk Road Economic Belt, including SCO member
economies.
Part One
2.3 Accelerate the Construction

of the 21st Century Maritime
Silk Road to Rebuild the Former
Glory in Economic and Trade
Cooperation
In October 2013, China proposed to deepen
economic and trade cooperation with economies in
Southeast Asia and the Middle East and to build the
21st century Maritime Silk Road. The 21st century
Maritime Silk Road was stressed as an important
national development strategy. It and the overland
Silk Road Economic Belt constitute the two pillar
strategies for China to connect with the Asian
continent in the west and maritime channel in the
southeast. Historically, the Maritime Silk Road is an
extension of the overland Silk Road. The formation
of this transport channel was largely because the
fact that Chinas southeastern coastal regions were
mountainous with few plains and it was difficult to
trade in Central Asia, and Europe. The inconvenience
of the overland transportation, coupled with
summer and winter monsoon in Chinas southeast
coast, made it a better choice to travel to Europe by
sea.
In recent years, Chinas economic and trade
relations with the Southeast Asia, the Middle East
countries develop rapidly. The China-ASEAN FTA
has been established for a decade, and it is to be
updated to a higher level. Talks on the China-GCC
(Gulf Cooperation Council) FTA have also made
great progress. The 21st Century Maritime Silk Road
will gain new vitality in the era of globalization.
Building the Maritime Silk Road of the 21st
Century is a significant strategy for China to adapt
to the new situation of globalization and expand
common interests with different economies. It is an
important measure to build the new system of an
open economy, benefiting relevant countries and
regions in terms of mutually sharing opportunities,
development, and realizing common prosperity.
2.4 China-Pakistan Economic

Corridor and the BangladeshChina-India-Myanmar (BCIM)
Economic Corridor
In May 2013, China proposed to build the ChinaPakistan Economic Corridor, which won active
response from Pakistan. The two countries will

reinforce strategic and long-term planning,
and open up new cooperation areas such as
connectivity and maritime sectors. China and
Pakistan should work together to map out the
long-term development of the China-Pakistan
Economic Corridor, and steadily push forward
the construction of it, so as to further promote
c o nne c t ivit y a nd d e ve l o p m e nt o f t he t wo
countries. The planning of the China-Pakistan
Economic Corridor is not merely the construction
and run-through of major traffic arteries. More
importantly, alongside the corridor, China and
Pakistan will cooperate more in major projects,
infrastructure, energy, agriculture and irrigation,
information and telecommunication, and other
sectors, and set up more industrial parks and free
trade areas. The China-Pakistan Corridor is a winwin strategy for the two sides, the construction
of which will boost bilateral trade in goods and
personnel exchanges, and drive up Pakistans
re-export. On the other hand, it can effectively
expand Chinas energy import routes, as it enables
China to bypass the Strait of Malacca and the
disputed South China Sea and to directly transport
the oil from the Middle East to the hinterland
in Southwest China, which will also make China
less independent on the China-Myanmar oil and
gas pipeline that is under construction. Judging
from the perspective of national strategies, once
completed, the China-Pakistan Economic Corridor
will connect countries in South Asia, Central Asia,
North Africa, and the Gulf region through close
cooperation in the economic and energy sectors,
and make their economies resonate with each
other. It will also highlight Pakistans strategic role
as a bridge and link connecting Eurasia and Africa.
China and India initiated the BCIM Economic
Corridor in May 2013. The Corridor will further
connect the two big markets of China and India.
As stated in the Joint Statement of China and India,
the two sides agreed to consult the other parties
on the construction of the BCIM Economic Corridor,
with a view to establishing a Joint Study Group on
strengthening connectivity in the BCIM region. The
BCIM Corridor will radiate to South Asia, Southeast
Asia, and East Asia, and will drive the joint economic
development of the three regions. Southwest
China, eastern India, Myanmar, and Bangladesh are
relatively underdeveloped. Previous cooperation
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at the provincial level had limited effects to drive

up collaboration. The BCIM Economic Corridor is
cooperation at the national strategic level, and the
transfer effect of four countries involved makes
it possible to promote the joint development of
the three most important regions in Asia. The four
member economies of the BCIM Economic Corridor
are now at the crucial stage to develop economy,
eliminate poverty and improve peoples livelihood,
14
and they are faced with the task to accelerate

the economic transformation and upgrading.
With the acceleration of regional economic
integration, it becomes increasingly important for
the four countries to make use of their geographic
advantages, further strengthen political mutual
trust, deepen trade and investment, promote
connectivity, and strengthen cultural exchanges.
Part One
Chapter 3
Evaluation Report on Competitiveness

of Asian Economies
3.1 Target Economies to Be
Evaluated in 2013
Geographically, there are 51 economies in Asia,
including Chinas Taiwan, Chinas Hong Kong and
Chinas Macao. Because some economies are too
small or difficult to obtain historical data, such as
Chinas Macao, Afghanistan, Democratic Peoples
Republic of Korea (DPRK ), Brunei, Myanmar,

Maldives, Lebanon, Palestine, Laos, Iraq, Bhutan,
Yemen, Cyprus, Syria, Turkmenistan and Uzbekistan,
those economies are excluded from the evaluation
system. Therefore, we continue to use the evaluation
targets of 2012 that contain 37 economies in the
Asia-Pacific region, Australia and New Zealand
included (See Table 3.1).
Table 3.1 Target Economies to Be Evaluated in 2013 Report (Alphabetical Order)

No.
English Name
Chinese Name
No.
English Name
Chinese Name
Armenia
Australia
20
Malaysia
21
Mongolia
Azerbaijan
22
Nepal
Bahrain
23
New Zealand
Bangladesh
24
Oman
Cambodia
25
Pakistan
26
The Philippines
Georgia
27
Qatar
Chinas Hong Kong
28
Saudi Arabia
10
India
29
Singapore
11
Indonesia
30
Sri Lanka
12
Iran
31
Chinas Taiwan
13
Israel
32
Tajikistan
14
Japan
33
Thailand
15
Jordan
34
Timor-Leste
16
Kazakhstan
35
Turkey
17
Korea, Republic of
36
United Arab Emirates
18
Kuwait
37
Vietnam
19
Kyrgyzstan
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3.2 Final and Sub-Item Ranking

in 2013
3.2.1 Final Competitiveness Ranking
According to the ranking results of the Asian
Economies Competitiveness 2013, the East Asian
Tigers dominate the top four, namely Singapore,
Korea, Chinas Hong Kong and Chinas Taiwan,
followed by the traditional advanced economies
of New Zealand, Australia and Japan, which
maintain their position in the first-tier group for
three consecutive years (See Table 3.2, Figure 3.1).
In the first-tier group, Israel, China and Bahrain
rank 8th to 10th respectively. United Arab Emirates
(UAE) falls into the tier-two group compared
with 2012. Malaysia, as a representative of the
emerging economies in Southeast Asia, as well
as Kazakhstan and Saudi Arabia, representing

the resource-exporting countries in West Asia,
occupies the tier-two group for three consecutive
years (ranking 11th to 20th). Azerbaijan, Vietnam,
Jordan, Armenia, Sri Lanka, rank in the top of thirdtier group, ranking 21st to 25th. Among which,
Jordan and Iran rank 23rd and 27th respectively,
due to the unrest in Syria and the block of Irans
oil exports. The majority of developing economies
in Southeast Asia, South Asia and Central Asia,
such as the Philippines, Mongolia, Indonesia and
Kyrgyzstan, still position in the bottom of the thirdtier group (ranking 26th to 30th). Bangladesh,
Tajikistan, India, Timor-Leste, Nepal, Pakistan, and
Cambodia, stay in the tier-four group for three
consecutive years (ranking 31st to 37th), though
India once ranked 30th in 2012.
Table 3.2 Rankings of Competitiveness Evaluation Index for Asian Economies 2013
Economy
2013
2012
2011
Ranking Change Ranking Change Ranking
Economy
2013
2012
2011
Ranking Change Ranking Change Ranking
Singapore
+1
-1
Turkey
20
-2
18
-1
17
Korea, Republic of
+2
+1
Azerbaijan
21
+1
22
+3
25
Chinas Hong Kong
-2
+2
Vietnam
22
+1
23
+1
24
Chinas Taiwan
-1
-1
Jordan
23
-2
21
-1
20
New Zealand
+3
-1
Armenia
24
+1
25
-3
22
Australia
-1
+3
Sri Lanka
25
+4
29
-3
26
Japan
+2
-5
Kyrgyzstan
26
+5
31
-2
29
Israel
+3
11
-5
Iran
27
+1
28
-9
19
+1
10
10
The Philippines
28
-2
26
+1
27
Bahrain
10
-3
+2
Mongolia
29
-2
27
+1
28
Malaysia
11
+5
16
-5
11
Indonesia
30
-6
24
+6
30
Kazakhstan
12
+3
15
-2
13
Bangladesh
31
+2
33
+1
34
Kuwait
13
13
+8
21
Tajikistan
32
+3
35
-4
31
Qatar
14
-2
12
12
India
33
-3
30
+2
32
15
-9
+8
14
Timor-Leste
34
+2
36
-3
33
Saudi Arabia
16
-2
14
+1
15
Nepal
35
-3
32
+4
36
Oman
17
17
+6
23
Pakistan
36
-2
34
+1
35
Georgia
18
+2
20
-4
16
Cambodia
37
37
37
Thailand
19
19
-1
18
China, Peoples
Republic of
United Arab
Emirates
16
Part One
Figure 3.1 Rankings of Comprehensive Competitiveness of Asian Economies 2013

3.2.2 Commercial and Administrative
Efficiency
From Figure 3.2, Singapore, New Zealand, Australia,
Chinas Hong Kong, and Georgia still keep their edge
in commercial and administrative efficiency among
the 37 Asian economies, ranking 1st-5th, with less
change in seats. Malaysia, Kyrgyzstan, Korea and
Mongolia follow closely and maintain their positions
in 2012, ranking 6th to 9th respectively. Israel makes
significant progress, rising from 17th to 10th. There
are mainly two reasons lied behind: First, Israel
simplifies approval procedure and further reduces
the cost to set up an enterprise which improves its

commercial and administrative efficiency; Second,
resource-export economies, such as Saudi Arabia,
Iran, and Kazakhstan, make little improvement in
commercial and administrative efficiency, reducing
their competitiveness. The Chinese government
has made great efforts to simplify administrative
procedures and reduce the costs of establishing an
enterprise since 2012. Although the improvement
is not very obvious at present, its position has
advanced in this ranking, up from 31st to 30th. India
has no progress in ranking, remaining 35th.
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Figure 3.2 Rankings of Commercial and Administrative Efficiency

Indicator for Asian Economies 2013
3.2.3 Infrastructure
From Figure 3.3, Chinas Hong Kong, Singapore and
Japan capture the top three positions and maintain
their traditional advantages in infrastructure. In
particular, as international financial and trade
hubs, Chinas Hong Kong and Singapore keep
good operation in transportation infrastructure,
as well as information superhighway like electric
power, telecommunications, and the Internet. As a
traditional developed country, Japan attaches great
importance to the safety of its public services, and
18
almost achieved the ultimate in terms of drinking

water safety and wastewater treatment, as well as
penetration of household computers and internet.
Other economies with high income per capita like
Bahrain, Kuwait, Korea, Chinas Taiwan, Australia, the
United Arab Emirates follow behind, which perform
good in infrastructure maintenance and operations
and have very high penetration of Internet. For
example, Kuwait has adequate power supply, and
high penetration of household computers and
Internet, as well as drinking water safety, which
Part One
improve its ranking. Its long-term accumulation and

constant investment keep their competitiveness in
the first-tier group. Many developing economies,
including China, are still in the second- or thirdtier groups. Compared with that of previous years,
Chinas infrastructure competitiveness declines
from 14th to 17th, which is mainly affected by

Chinas flagging infrastructure investment, especially
in terms of road and broadband. India has little
improvement in infrastructure, declining from 30th
to 31st. It falls into the tier-four group, and is even
surpassed by Mongolia.
Figure 3.3 Rankings of Infrastructure Indicator for Asian Economies 2013

3.2.4 Overall Economic Strength
Economic growth of Asian economies, especially
the emerging economies, continues to decline
from 2012, and economic operational risks are
also emerging day by day. However, Asia is still the
most robust region in world economy. Compared
with that of previous years, the overall economic
strength of the developed economies is stabilizing,

with resource-exporting economies declining, and
emerging and developing economies performing
poor. Although Chinas economic growth slows, it
is still one of the important engines to the world
economy, with signs in improvement of the macro
environment. As shown in Figure 3.4, China is in the
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leading position of the 37 economies in the 2013

with its overall economic strength ranking, moving
up 2 notches. UAE, the oil-exporting country in
West Asia, maintains the 2nd position with its stable
economic performance. Chinas Hong Kong and
Korea keep their competitive advantages, ranking
3rd and 7th, respectively, while Chinas Taiwan and
Singapore fall to 8th and 10th in this ranking. Japan
falls to 23rd despite a positive growth of nearly 2%,
as its government debt risk mounts up instead of
easing, government budget remains imbalanced,
and is yet to step out of the deflation dilemma.
Chinas economic slowdown impacted Australias
trade to China in 2012, which worsens its economic
health and weakens its economic competitiveness.
Its ranking slides to 15th. ASEAN emerging economies

maintain a high growth rate, with the inflation and
unemployment rate coming to a historical low, as well
as a low risk in overall economic strength. Among them,
Malaysia, Thailand come to the second-tier group, and
the Philippines and Vietnam appear in the top positions
in the tier-three group, though their economic
prospects are still gloomy. India ranks the 27th among
37 economies in this aspect, falling 7 notches from last
year, and drops into the third-tier group. This is due to
its worsening economic health, as it economy slows
to 3.2%, while inflation rate runs above 9%. Armenia,
Iran and other economies fall completely into the
tier-four group, and the prospect of their economic
development deserves our attention.
Figure 3.4 Rankings of Overall Economic Strength Indicator for Asian Economies 2013
20
Part One
3.2.5 Social Development Level

For the first-tier economies, there is less change in
seats in terms of social development, compared with
previous years. Japan, Israel, Australia, New Zealand,
Singapore and Chinas Hong Kong secure the 1st6th positions, respectively (See Figure 3.5) followed
by Korea, Chinas Taiwan, Azerbaijan and Georgia,
ranking 7th to 10th. Among which, Chinas Taiwan
moves up 2 places in the ranking due to greater
improvement in health care, primary and secondary
education, and reduction of traffic accidents. China
advanced by 1 notch, ranking 12th, thanks to its
improvement in medical environment and life
expectancy, and the decline both in infectious

disease rate and neonatal mortality rate. The social
development in India and Pakistan still lags behind,
with India ranking 35th, and Pakistan the last among
the 37 economies. Most of the emerging economies
and resource-exporting economies in Southeast
Asia, West Asia and Central Asia stay in the tier-two
(11th-20th) and the tier-three (21st-30th) groups.
Though having a strong overall economic strength,
UAE is not in the leading position in this aspect but
stays in the fourth-tier group due to the inadequate
medical services, high road accident rate, and low
female labor force participation.
Figure 3.5 Rankings of Social Development Level Indicator for Asian Economies 2013
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3.2.6 Human Capital and Innovation Capability

As shown in Figure 3.6, there are great changes in
the top 10 seats. Korea leads in higher education
enrollment and international patents granted per
capita, surpassing Chinas Taiwan, Israel, and New
Zealand to take the 1st place. Singapore jumped
from 5th to 3rd, with a big progress in enrollment

in higher education, international patents granted
per capita and creative industry exports. Israel falls
to 9th due to a sharp decline of international patent
granted per capita. China and Malaysia come into
the first-tier group, ranking 7th and 8th respectively.
Figure 3.6 Rankings of Human Capital and Innovation

Capability Indicator for Asian Economies 2013
China moves 5 positions, with great progress
made in enrollment in higher education, public
education expenditure, international patent
granted per capital and creative industry exports,
though there is a decrease in exports of high-tech
22
products, which is related to the weakness of the

overall exports in 2012. Malaysia ups investment
in education, driving up its position by 3 notches.
While Kyrgyzstan and Saudi Arabia rank 17th and
20th, falling to the second echelon. There are also
Part One
big changes in the second-tier group. Thailand,

Mongolia and Kazakhstan are still in the upper
streams in this group, while Jordan and the United
Arab Emirates fall to 21st and 32nd respectively. The
UAEs public education expenditure declines sharply,
weighing less in its GDP, and makes it difficult to pick
up in terms of technological innovation. Its shrinking
international patents granted per capita weakens its
competitiveness in technical innovation. Compared
with that of the previous two years, India has a little
improvement in terms of innovation input and
output, ranking 25th from last years 26th, thanks to
its progress in creative industry exports and public
education expenditure.
3.3 Analysis of the Evaluation

Results of Asian Economies
Competitiveness 2013
3.3.1 Emerging Industrialized Economies: The
Four Asian Tigers
In the ranking of the competitiveness of Asian
economies in 2013, four emerging industrialized
economies, namely Chinas Hong Kong, Singapore,
Chinas Taiwan and Korea, traditionally known as the
Four Asian Tigers, are still in top four among the 37
Asian economies. But the ranking order was slightly
changed: Singapore surpassed Chinas Hong Kong
and came to the top position; Korea jumped to the
2nd, with improvements in innovation of science
and technology as well as infrastructure; Chinas
Hong Kong and Chinas Taiwan followed Korea,
who ranked the 3rd and 4th, and still maintain
leading position among the 37 economies in
terms of commercial and administrative efficiency,
infrastructure, social development and human
capital and innovation capacity.
Singapore remains its high competitiveness.
Though falling to the second place in 2012, it
returns to the top position this year. In the Global
Competitiveness Report 2013-2014 released by the
World Economic Forum, Singapore also ranks the
second in the worlds 148 economies. Singapore has
the most efficient commercial and administrative
services in Asia for three consecutive years. The cost
is low to establish a company in terms of length of
time and costs. As an important international hub,
Singapore has always maintained the first-class
infrastructure, be it transportation infrastructure or
telecommunications infrastructure. It keeps pace

with Chinas Hong Kong in terms of competitiveness
in this aspect for three consecutive years. Hit by the
world economic slowdown in 2012, Singapores
economic growth rate fell to 1.3%, down from the
5.2% in the previous year. But it performs well in
terms of risk control on its economic operation.
Singapores unemployment rate remains as low
as 2%, and its inflation falls from the previous to
4.6%. The countrys national savings rate stayed at
45.6%, a positive figure, but Singapores government
faced higher debt risks than the previous year, as
its government debt accounted for 111% of its
GDP. Its total tax burden also increased, prompting
Singapores overall economic strength declined
to the 8th in the ranking. Singapores social
development remains the same as the previous
year and still ranks 5th in this aspect, but there
is no improvement in terms of hospital services.
Singapores investment in education turns better,
as the proportion of public education expenditure
in the GDP rises 0.3 percentage point compared
with that in the previous year. It remains robust in
innovation, as its international patents produced
per capita and creative industry exports grow
significantly from the previous year, with its ranking
in this aspect jumping two notches to the 3rd place,
following Korea and Chinas Taiwan (See Figure 3.7).
Figure 3.7 Radar Map of Singapores

Competitiveness
Korea rises to the 2nd place in the comprehensive
ranking of 2013, up from the 4th position in the
previous year. Korea still has the edge in innovation,
public education expenditure and quality higher
education and training system. It leads Asia in
terms of international patents produced per capita,
replacing Chinas Taiwan at the top position. Korea
23
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improves its traffic facilities, as the number of

airline seats and road density rose significantly,
and its communications infrastructure also makes
great progress. It maintains its competitiveness
in infrastruc ture capacit y, with its rank ing
climbed to the 6th in this aspect. Korea keeps its
competitiveness in social development, ranking the
7th in this aspect. Koreas economic growth rate fell
to 2.0% in 2012, down from the 3.7% in 2011, thanks
to the flagging Asian economy. Though its economy
slows, Koreas inflation and unemployment situation
lightens up. Its inflation fell from 4% to 2%, within
the mild inflation range. I ts unemployment
rate dropped to 3.2%. Koreas government debt
accounted for 33.7% of its GDP, almost the same
with the year 2011. Koreas economic growth slows
significantly, but the overall risk is low. Affected by
the economic slowdown, Korea falls to the 7th in
the overall economic strength ranking, down from
the 6th in 2012 (See Figure 3.8).
in the innovation capability ranking. Its economic

growth fell to 1.5% in 2012, down from the 5%
in 2011, lowering its contribution to the world
economy. The overall ranking of Chinas Hong Kong
drops to the 3rd from the 5th in the previous year.
However, Chinas Hong Kong faces low risks, as its
inflation rate fell to 4.1% in 2012 from the 5.3% in
2011. The unemployment rate was low at 3.3%, and
the government debt to GDP ratio fell to 32.4%,
down from that in 2011. Thanks to these positive
figures, Chinas Hong Kong still retains the 3rd place
in the overall ranking (See Figure 3.9).
Figure 3.9 Radar Map of the

Competitiveness of Chinas Hong Kong
Figure 3.8 Radar Map of the Republic of

Koreas Competitiveness
As one of the worlds financial, trade and
shipping centers, Chinas Hong Kong takes the 3rd
place in comprehensive ranking, down from the
previous two years. Chinas Hong Kong still has the
edge in infrastructure, and remains its top position
in the ranking of the 37 economies. The government
maintains its commercial and administrative
efficiency, in accordance with the principle of Hong
Kong people governing Hong Kong. It ranks the
4th in the 37 economies in this aspect. As for the
social development level, Chinas Hong Kong keeps
its edge in disease control, healthcare service and
social security, still ranking the 6th in this aspect. As
its creative industry and high-tech exports decline,
Chinas Hong Kong drops to the 10th from the 8th
24
As a pioneer in high-tech manufacturing,

Chinas Taiwan falls to the 4th in its comprehensive
ranking, down from the 5th in the previous year. The
slide is due largely to the fact that Korea surpasses
Chinas Taiwan in innovation. It ranks the 2nd in
human capital and innovation capability. Chinas
Taiwan still leads in innovation, but its public
education expenditure weighs less in its GDP and
international patents granted per capita decreases,
which results in a weakening competitiveness
in innovation. Chinas Taiwan saw its economic
growth fall to 1.3% in 2012, down from the 4.1%
in 2011. Its overall economic strength declines to
the 10th place, down from the 8th in the previous
year. Similar to Singapore and Chinas Hong Kong,
the economic operational environment improves
to some extent despite the continuous economic
slowdown. Its inflation rate rose to 1.9%, still a
low inflation rate. Its unemployment rate remains
low, a little down compared with the previous
year, and government debt to GDP ratio is 40.9%,
almost the same with the previous year. Due to the
economic slowdown, Chinas Taiwan scales back
Part One
in infrastructure investment, resulting in a modest

improvement in infrastructure, which weakens its
competitiveness in this aspect. Its ranking drops
to the 7th, down from the 5th in the previous year.
On the contrary, its ranking in social development
advances to the 8th, up from the 10th, thanks to
its progress in disease control and traffic accident
management. Though there is little improvement
in commercial and administrative efficiency, the
business environment keeps improving in Chinas
Taiwan over the past three years. Its rankings
climbed all the way to the 13th in 2013 from the
14th in 2012 and the 19th in 2011 (See Figure 3.10).
for years among the 37 Asian economies. Due to

constant capital input, Japan has the world-class
infrastructure and ranks the 3rd in this aspect for
years. It also has the edge in human capital and
innovation capability. The Japanese government
has increased public education expenditure,
and its enterprises are active in innovation,
enabling its total granted international patents to
outnumber other Asian economies. Plus, Japans
creative industry exports improved over last year.
Therefore, Japans competitiveness in innovation
rises to the 5th, up from the 7th in the previous
year. As the Japanese government makes no
improvement in commercial and administrative
efficiency, to establish an enterprise is costly,
time-consuming and complicated in approval
procedure. Japan is stuck at the 16th in this
aspect (See Figure 3.11).
Figure 3.10 Radar Map of the

Competitiveness of Chinas Taiwan
3.3.2 Traditional Developed Economies
Japan climbs to the 7th from the 9th in 2012 in the
comprehensive competitiveness ranking, but still
far behind the 4th in the year before last year. The
achievement can be attributed to Japans improving
economic growth rate, which maintained a 2%
growth in 2012, up from the negative growth in
2011. Japanese governments series of economic
stimulus measures have made some progress. For
example, the price level stayed around zero in 2012,
signaling that the country stepped out of the mire
of deflation. Worsening from the situation in 2011,
Japans government debt remains high, with the
government debt accounting for 237.9% of its GDP,
and its government budget is also imbalanced.
Therefore, Japan faces high economic operational
risks. Its overall economic strength falls to the 23rd,
down from the 16th in the previous year. Though
Japanese government may fail in its economic
policies, Japans mature social management
experience has ensured its competitiveness in social
development level, and it has been in the first place
Figure 3.11 Radar Map of Japans

Competitiveness
Israels comprehensive competitiveness ranks
the 8th, up from the 11th in previous year. The
achievement is not the result of an outstanding
innovation sector, as Israel has been surpassed
by others in terms of human capital input and
innovation capacity, and its innovation ranking falls
to the 9th, down from the 2nd. Its rise in the ranking
can be attributed to the following two facts: First, the
Israeli governments commercial and administrative
efficiency improves greatly, as it shortens the time
needed to set up an enterprise, and pushes Israel
up to the 10th in the ranking from 17th; Second,
Israel remains the 2nd in social development level,
right behind Japan. In addition, due to the unrest
in Syria, there is no obvious improvement in Israels
infrastructure, but it maintains the competitiveness,
ranking the 12th. Like most Asian economies,
Israels economic growth has not performed well
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and continued to decline. Its growth rate was only

3.4% in 2012, down 1.2 percentage points from
2011. In regard to its economic health, Israels
inflation pressure is under better control, and the
inflation rate dropped to 1.7% in 2012, within the
governments targeted inflation interval of 1%3%. Israels unemployment rate remains high,
and came to 6.9% in 2012. As continued decline
in economic growth could lead to a deteriorated
economy, Israels overall economic strength ranks
the 20th in this ranking, standing at the end of the
tier-two group (See Figure 3.12).
remains at a high level, but lacks substantial

improvement recently, making its fall to the 8th.
New Zealand enhances the infrastructure of the
information highway, lifting its ranking to the 11th
from the 10th in infrastructure. Australia and New
Zealand fail to perform well in overall economic
strength. Compared with that in 2011, Australias
economic growth bounced 1.3 percentage points
to 3.7%, and that of New Zealand went up 1.3
percentage points to 2.7%. Despite that, Australia
falls to the 15th from the 8th in overall economic
strength, due to its higher unemployment rate,
increasing government debts and total tax burden,
coupled with flagging resource exports, which
lead to high economic operational risks. Though
New Zealands government debt also increased,
its inflation rate remained at low level of 1.1%, and
its economic operational risks were controllable.
Therefore, New Zealands overall economic strength
ranks the 17th (See Figure 3.13).
Figure 3.12 Radar Map of Israels

Competitiveness
New Zealand and Australia keep their strong
comprehensive competitiveness, ranking the 5th
and the 6th respectively in 2013. Compared with
last year, New Zealands ranking went up 3 notches,
while Australia fell by one. But both of their
competitiveness advanced compared with the
year before last year. Their competitiveness lies in
the high commercial and administrative efficiency,
social development level and continuous human
capital and innovation capability. New Zealand
and Australia have the edge in commercial and
administrative efficiency, ranking the 2nd and
the 3rd respectively. As for social development
level, New Zealand and Australia take the 3rd and
the 4th places. In terms of human capital and
innovation capability, New Zealand and Australia
pay attention to their higher education, and keep
their advantages in international patents granted
per capita and technology exports, ranking the 4th
and the 6th in human capital input and innovation
output. Comparatively speaking, Australia and New
Zealands competitive weakness lies in infrastructure
and overall economic strength. Australias infrastructure
26
Figure 3.13 Radar Map of Australias

Competitiveness
Figure 3.14 Radar Map of New Zealands

Competitiveness
Part One
3.3.3 Asian BRIC Countries

In Asian economies, both China and India are BRIC
members and their prospects and competitiveness
are always compared with. Based on our evaluation,
China has performed well in overall economic
strength in recent years, while India faces higher
economic operational risks despite its robust
economic growth. Though both are big economies,
China and India vary significantly in infrastructure,
social development level and commercial and
administrative efficiency. Thanks to its high economic
growth, China has greatly improved in infrastructure,
social development level and human capital and
innovation capacity, while Indias performance
in infrastructure and social development still lag
behind. China rises to the 9th in comprehensive
ranking, while India falls to the 33rd from the 30th.
In 2012, Chinas GDP accounted for 14.92% of the
worlds total, up 9.6 percentage points from 2011,
while Indias contribution to world GDP fell 0.02
percentage point to 5.63% from 2011 to 2012.
At a time when the overall Asian economy
slowed down, Chinas economic growth maintained
at 7.7% in 2012. It was 1.6 percentage points lower
than 2011, but higher than other Asian economies.
Despite the slowdown, China faces low economic
operational risks, with its inflation rate coming to
2.7% in 2012, well below the 3.5% target set by the
government. Its total government debt remained
at a low level, accounting for 22.8% of its GDP in
2012, down 3 percentage points from 2011. Official
statistics show that, as of the end of June 2013,
Chinas national government debt amounted to
30.27 trillion yuan in total, accounting for 53.5% of
its GDP, but below the debt-to-GDP ratio limit of
60%. Chinas local government debt totaled 17.89
trillion yuan, in line with previous judgments and
expectations. Thus, China appears bright in the
prospect of economic growth, and partial risks are
gradually absorbed externally. In addition, Chinas
improving comprehensive competitiveness benefits
from its constant achievement in innovation capacity
and social development. China expanded public
education expenditure, which took 4% of its GDP in
2012. Enrollment of higher education rise to 30%,
leading to the leap in international patents granted
per capita and creative industry exports. China
stands the 7th from the 12th in human capital and
innovation capability ranking. In terms of social
development, the Chinese government takes a
series of measures to tackle problems in disease

control, environmental pollution, and housing and
healthcare, and has made progress in these areas
to some extent. Its ranking rises to the 12th in this
aspect. Despite its improvement in transportation
infrastructure, China makes little progress in
telecommunications infrastructure, with broadband
China strategy failing to take effect. Coupled with
the lack of pollution treatment facilities, China falls
to the 17th from the 14th in infrastructure ranking.
Besides, China also lags behind in commercial
and administrative efficiency, ranking the 30th,
at the end of the tier-three group. As Chinas new
leadership has initiated the policy to streamline
administrative approvals and delegated power to
lower levels, its effectiveness will bolster up Chinas
competitiveness in this aspect (See Figure 3.15).
Figure 3.15 Radar Map of Chinas

Competitiveness
India falls in its comprehensive ranking due to
deteriorating economy. In 2012, Indias economic
growth rate dropped 3.1 percentage points to 3.2%
from 2011. As for economic operational risks, India
faces high inflation risks, with its inflation rate rising
to 9.3%, up 0.7 percentage point from 2011. Thus,
Indias overall economic strength plunges to the
27th, down from the 17th in the previous year. In
addition, subject to the constraints of its economic
development, Indias infrastructure has long
been in disrepair, resulting in frequent accidents.
With little investment, there is no improvement
in road, aviation, power and other infrastructure,
and Indias infrastructure ranking falls further to
the 31st. Moreover, there is no actual progress in
Indias social development and commercial and
administrative efficiency. India ranks 35th both
in social development level and commercial and
administrative efficiency. However, it advances
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in innovation capacity, ranking the 25th, as India

adds up public education expenditure and boosts
creative industry exports (See Figure 3.16).
Bangladesh, Nepal, Tomor-Leste are also in the tier-four

group in terms of comprehensive ranking (See Figure
3.17-3.20).
Figure 3.16 Radar Map of Indias

Competitiveness
Figure 3.17 Radar Map of Malaysias

Competitiveness
3.3.4 ASEAN Emerging Economies

ASEAN economies feel the pain of the Asian
economic slowdown. Apar t from Singapore,
the competitiveness rankings of other ASEAN
economies are diversified. Malaysia performs better
with its ranking rising from the 16th to the 11th,
thanks to its edge in commercial and administrative
efficiency, human capital and innovation capability
and overall economic strength, which ranks the
6th, the 8th, and the 12th, respectively. In spite of
Malaysias improvement, the performance of other
members of Little Four Asian Tigers, namely Thailand,
the Philippines and Indonesia, is not so promising,
with their comprehensive ranking coming to the
19th, the 28th, and the 30th. Compared that with
last year, Thailands position remains the same, that
of Indonesia and the Philippines dropping by 6 and
2 places. Judging from economic performance, the
overall economic strength of Thailand, Indonesia,
and the Philippines stays at the upper and middle
level, ranking the 14th, the 16th, and the 21st,
respectively. Indonesias positions in innovation,
commercial and administrative efficiency, and social
development level fall to the 26th, the 32nd, and
the 26th, respectively. The Philippines innovation
competitiveness went up to the 15th, but it fell in
infrastructure, social development and commercial
and administrative efficiency. In addition, Vietnams
comprehensive ranking rises to the 22nd, while
Cambodia is still in the tier-four group, ranking the
last in the 37 economies. Other economies in South
East Asia, excluding the ASEAN member states, like
28
Figure 3.18 Radar Map of Thailands

Competitiveness
Figure 3.19 Radar Map of the Philippines

Competitiveness
Part One
Figure 3.20 Radar Map of Indonesias

Competitiveness
3.3.5 Resource-Export Economies in West and
Central Asia
Unlike their outstanding per formance in the
previous year, resource-export economies in
West Asia and Central Asia appear mediocre in
comprehensive ranking in 2013. Affected by the
declining international oil prices, these countries
economic growth slows. West Asian economies,
completely relying on oil and gas exports, are
encountered with fiscal plight, therefore, they
scale back their investment in infrastructure and
social development. The United Arab Emirates
comprehensive ranking falls sharply to the 15th
from the 6th. Other West Asian economies like
Bahrain, Kuwait and Qatar are in the 10th, 13th and
14th positions. Central Asian economy of Kazakhstan
ranks the 12th. The position of Saudi Arabia ranks
the 16th, Oman the 17th, Jordan the 23rd, and Iran
the 27th respectively. Take the United Arab Emirates
(UAE) as the example. Its overall economic strength
ranks the 2nd place, immediately after China. Apart
from the fact that its economic growth in 2012 fell
0.8 percentage point to 4.4%, the UAEs economy
maintains a good run. The inflation rate and the

unemployment rate remains at a low position,
and the total tax burden of government debt
remains at a low level, so it remains economically
competitive leadership position. As an economy
with a high income per capita, the UAE also has its
edge in infrastructure, ranking the 9th. The UAE rises
two positions in commercial and administrative
efficiency to the 25th, still in the tier-three group. Its
competitive weakness lies in social development
level and human capital and innovation capability,
both ranking 32nd. Its position in human capital
input and innovation output falls by 15 notches.
The dramatic decline in innovation capability can
be attributed to the following two factors: The UAEs
public education expenditure weighs less in its
GDP, while international patents granted per capita
shrink sharply. In other words, its achievements in
higher education enrollment and high-tech exports
are insufficient to offset the sharp decline of the
above two indicators, dragging down its innovation
ranking as well as comprehensive ranking (See
Figure 3.21).
Figure 3.21 Radar Map of the United Arab

Emirates Competitiveness
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30
Part One
Part Two
Annual Report 2014
Competitiveness of
Listed Asian Enterprises
31
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32
Part Two
Annual Report 2014Competitiveness of Listed Asian Enterprises
Chapter 4
Internal and External Environments

Affecting the Competitiveness of
Asian Enterprises
As the US economy starts to stabilize and turns
better, the world economy gives off clear signs of
recovery. But this recovery is mostly stimulated
by monetary policies, which are like to make
the world economy gradually come back to life
through invitro transfusion or cardiac stimulant.
It is obvious that the world economy has actually
been suffering from the drug addiction, and
the current economic recovery is still fragile and
unstable. However, there is a great possibility that
the world economy will continue to maintain a
good momentum. Against this background, the
Asian economies keep adjusting their economic
policies while struggling with loose monetary
policies, which forms a unique environment for the
development of Asian enterprises.
4.1 Deteriorated International

Financial Market Worsened the
Financing Environment for Asian
Enterprises
The developed economies massive monetary
injection policies triggered a worldwide flood of
liquidity.
Firstly, the US monetary injection ranked the
first in the world. The US launched its first round
of quantitative easing from November 25, 2008
to the end of June 2010, during which, the US
Federal Reserve bought USD1.25 trillion of agency
mortgage-backed securities, USD300 billion of
Treasuries bonds and USD175 billion of agency

bonds, totaling USD1.725 trillion. On November3,
2010, the Fed announced a second round of
quantitative easing, buying USD600 billion of longterm Treasury securities for eight times by the end
of June, 2011. Then, the Fed introduced Operation
Twist, buying USD400 billion six-year to 30-year
long-term Treasury bonds, while selling off the
same amount of 3-year or shorter-term Treasury
bonds during September 2011 to June 2012. From
September 2012, the Fed kept buying USD40
billion of mortgage-backed securities every month,
continued the Operation Twist, and announced
to keep the ultra-low interest rate policy till mid2015. On December 13, 2012, the Fed announced
to purchase USD45 billion more Treasury bonds
every month, adding its monthly purchase of
Treasury bonds to USD85 billion. On December 19,
2012, the Fed announced to cut monthly Treasury
bond purchase by USD10 billion, signaling the
gradual exit of the quantitative easing. In general,
the US has launched three and a half rounds of QEs
since March 2009, with the half round nicknamed
Operation Twist. The Fed not only purchased
trillions of long-term Treasury bonds, but also
linked interest rate policy to jobless rate and
inflation, setting threshold for future interest rate
fluctuations. As long as the jobless rate remains
above 6.5%, and inflation expectations keep above
2.5% in the next one to two years, the Fed will
maintain the ultra-low interest rate, which is close
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Boao Forum for Asia

to zero. Although the Fed has announced to cut

down the purchase of Treasury bonds, it only scales
back the monthly injection, with the accumulated
injection adding up each month, as it still buys
USD75 billion of Treasury bonds every month. In
other words, the Capital Purchase Program was not
on the preset course. Once the US economy turns
sluggish, the Fed may expand Treasury purchase at
any time.
Secondly, the eurozone and UKs liquidity
injection moves keep pace with those of the
US. After the US launched the third round of QE,
both the eurozone and the UK followed up by
launching their own quantitative easing monetary
policies. Starting from 2012, Europe continued to
implement loose monetary policy, including those
jointly launched by the five major banks and the US
Federal Reserve. The European Central Bank injected
1 trillion euros into the banking system in 2012.
In recent years, the annual growth of eurozones
monetary base exceeded 50% on average, which
led to a high debt rate in the eurozone economies.
Against this background, other eurozone economies
still had to offer aiding funds to Greece by
purchasing bonds at a low interest rate, and pushing
forward the outright monetary transactions (OMT)
to transfer to European Stability Mechanism (ESM)
from the current European Financial Stability Facility
(EFSF), so as to avoid the break-up of the eurozone.
The Bank of England has launched four rounds of
quantitative easing monetary policies, mounting to
375 billion pounds. It is likely to continue to expand
the scale and release a flood of liquidity into the
market in 2014.
Thirdly, Japan accelerated the pace of
monetary injection through the Abenomics, which
was implemented after Japanese Prime Minister
Shinzo Abe came into power. The Abenomics
actually consists of three parts. The first is the
monetary policy with liquidity injection as the core.
After he took the helm, Abe pressed the central
bank to speed up the implementation of loose
monetary policy. In this round, Japan took out 20
trillion yen to stimulate the economy. The second
is a flexible monetary policy, in other words, fiscal
deficit. The third is to stimulate private investment.
The most important cards of Abenomics are the
loose monetary and fiscal policies. Japan totally
34
injected more than 9 trillion yen in the market

for five times in February, April, September and
October of 2012, and 2013. If the Abenomics fails to
realize its targeted effect and there is no debt crisis
around, Japan will further loose its monetary policy.
As currencies of developed economies are world
curries or major currencies in certain regions, their
massive monetary injection will lead to worldwide
liquidity flood.
Developed economies monetary policies of
liquidity injection affected emerging economies,
especially the Asian markets, via the international
market, which makes the latter the hardest-hit
area of the negative spillover effects, due to the
nature of the developed economies currencies
as world currencies. Easing monetary policies in
developed economies triggered fluctuations of
commodity prices, which went up in general,
leading to the slowdown of emerging economies.
As shown in Figure 4.1, the global commodity price
index experienced a new round of surge from the
outbreak of the global financial crisis in 2008 to early
2011, when the global financial crisis was under
control. After stabilizing for a period of time, the
global commodity prices showed signs of rising
again, after developed economies accelerated
liquidity injection in 2013. These had brought about
the price hikes of imported raw materials, as well
as high CPI in emerging economies, including
Asian economies since 2010, and further forced
these economies to tighten monetary policies
to control inflation, which directly resulted in the
trend of slowdown in these economies (See Figure
4.2). During the time of implementing ultra loose
monetary policies, the developed economies not
only fell into the liquidity trap, failing to stimulate
demand and economic growth, but also sent the
world commodity prices into violent fluctuations,
enabling the global speculative capital to control
the pricing of commodities. During 2012 to 2013,
these economies growth kept flagging, with their
economic policies focusing on stabilization. Thus,
their growth had a strong positive correlation with
developed economies quantitative easing policies.
The more liquidity the developed economies
injected, the more growth pressure on these
economies.
Part Two
Figure 4.1 IMF Global Commodity Price Index

Source: Wind Info.
Figure 4.2 GDP Growth Trends of Emerging Economies

Source: Wind Info.
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In general, the investment and financing

environment for Asian enterprises worsened. Under
the impact of imported inflation, central banks of
these economies had to undertake the tasks of
spurring economic growth and controlling inflation,
letting their monetary policies into a dilemma. If
they tighten credit to control inflation, the financial
environment would deteriorate in general, making
it hard for enterprises to raise funds, and there
would even be a money shortage, which had
happed in China. If they ease credit control to
maintain economic growth, there would be high
inflations and risks of social unrest. Besides, the
declining social purchase power would worsen the
environment of sales, investment and development
for enterprises. More over, the falling sales
associated with rising factor prices, only delayed
the coming of money shortage, which actually
further deteriorated the financing environment for
enterprises. It is like to quench a thirst with poison.
As the widespread phrase had it, Our currency, but
your problem. Generally speaking, Asian enterprises
investment and financing environment worsened
due to the developed economys massive monetary
injection into to the financial markets.

The worsened Asian financial environment
can also be verified by the trend of the capital
markets size. As shown in Figure 4.3, the stock
markets of emerging economies showed an overall
downward trend after 2010. From the beginning
of 2010 to November 25 of 2013, stock markets in
Russia, Brazil and China, three of the BRIC countries,
fell by 1%, 24% and 33%, respectively. India proved
to be the only exception, as its stock picked up
18% over the same period. Indian miracle could be
largely attributed to its stock markets long history,
highly internationalized mechanism, and closer
connection with the international markets. It was
the international capital that changed its market
performance. It could also be attributed to the fact
that Indias central bank did not set inflation control
as its top priority, but release more liquidity instead.
The stock markets of BRICS countries performed
poor as that, let alone the situation of second-tier
emerging economies in Asia. The withering capital
markets indicated the deteriorating of the direct
financing environment for Asian enterprises.
Figure 4.3 Stock Market Trends of BRIC Countries

Source: Wind Info.
36
Part Two
4.2 Sluggish Global

Consumption Environment
Aggravates Asian Enterprises
Headache of Overcapacity
At a time when developed economies were still
suffering from flagging consumption, although
Asian consumer environment turned better in
the second half of 2013, it did not perform well in
general. As shown in Figure 4.4, the BRICS countries'
Purchasing Managers Index (PMI) shrugged basically
between 45 and 55 from 2008, with the overall
trend going down. In the first half of 2013, PMI of
the BRICS countries experienced a slump before
entering the ascending channel, most of which
were above the critical value of 50, and it went up as
a whole in the fourth quarter. After June in 2013, the
PMI of the BRICS countries began to bounce back.
In October 2013, the manufacturing PMI of China,
Brazil, South Africa and Russia rose to 51.4, 50.2, 55.3,
51.8, respectively, up from the 51.1, 49.9, 51.8, and

49.4 in the previous month. Indias manufacturing
PMI that month was below the critical value of 50.
On December 1, 2013, China Federation of Logistics
and Purchasing (CFLP) released the Manufacturing
Purchasing Managers Index (PMI) for November,
which was 51.4, achieving a sustained growth
for three consecutive months. Despite that, the
overall PMI of the BRICS countries did not perform
well for the whole year. As most Asian economies
are second-tier emerging economies, their PMI
performance was relatively worse. Japan and Korea
had sufficient money supply and sound financial
environment. But productive consumption of
enterprises in the two countries shows downward
trend, which suppresses its productive potential.
M eanwhile, the consumer environment for
enterprises in the two countries does not perform
well either. In general, the overall consumption
environment was poor for Asian enterprises.
Figure 4.4 BRICS Countries Manufacturing PMI Development Tendency

Source: Wind Info.
Asian enterprises as a whole had been nagged by

overcapacity due to the sluggish global consumption
environment. First, Asian economies are at the lower

end of the international industrial chain, most of
37
Boao Forum for Asia

which follow the export-oriented developing model.

The withering international market hindered the
outward transfer of their domestic production, which
failed to act responsively, and turned its advantages
into overcapacity. Second, as developed economies
had made it their long-term strategy countering the
financial crisis to double exports and return to the real
economy and remanufacturing, their rising exports to
Asia had encroached on Asian economies domestic
markets, depressed the markets for Asian enterprises
products, and further exacerbated the overcapacity
of Asian enterprises.
In short, the accumulative effects of the
multiple factors in Asia and the world, led to
a generally poor consumption environment
in Asia. Overcapacity had become a common
ill for Asian enterprises, hindering the
improvement of Asian enterprises international
competitiveness.
4.3 Trade Environment Worsens

and Restrains Asian Enterprises
International Competitiveness
Since the global financial cr isis, t he t r a d e
environment for Asian enterprises has kept
worsening. As developed economies artificially
lowered the exchange rates of their currencies,
the emerging economies saw their currencies
ine vitably appreciated, though the y could
respond with devaluation. This situation benefited
the goods and service exports of developed
economies and impor ts of the emerging
economies, but hurt the exports of emerging
economies, thus aggregated the overcapacity
pressure for emerging economies, deteriorated
Asian enterprises international and domestic trade
environment, and restrained their international
competitiveness. Therefore, a worsening trend
of Asian enterprises trade environment will be
obvious.
The export growth of emerging economies
fell shar ply in 2013, due to the developed
economies currency devaluation and plans to
double exports. Impacted by the global financial
38
crisis, expor t growth of the BRICS countries

experienced a round of sharp drop. As shown in
Figure 4.5, the drop came to the periods lowest
in September 2012, after which, export growth
of BRIC countries began to fluctuated but for
an upward trend, and it began to rise starting
from 2013, with marked growth rate variance. In
September 2013, exports of Brazil, South Africa,
Russia and India rose 4.99%, 17.33%, 3.32% and
11.15% year-on-year, respectively. Only China fell
0.25% year-on-year. However, in general, BRICS
countries export growth did not recover to the
level before the global financial crisis, but far
below it.
In accordance with the flagging international
trade growth, the international trade surplus of
Asian economies continued with the declining
trend. As shown in Figure 4.6, BRIC countries
international trade surplus was hit hard by the
global financial crisis in 2008, particularly for
India and China. Two countries, who had deepprocessing products as their primary exports, had
seen their trade surplus declined rapidly after
a period of increase. With energy as its primary
export, Russias trade surplus fell sharply and
then gradually stabilized. Trade surplus of Brazil,
whose primary export products were minerals
and agricultural products, was not seriously
affected by the financial crisis, and the impact of
which was close to none. Trade surplus of Russia,
China and Brazil crawled upward starting from
January 2012, while the through of Indias trade
surplus occurred relatively late in time. Notably,
the international trade surplus of BRIC economies
had not recovered to the level before the financial
crisis.
International trade environment for Asian
enterprises deteriorated in general. BRICS countries
stood out in emerging economies, superior
to most Asian economies in terms of pressure
bearing, export growth and international trade
surplus. Therefore, from a general perspective,
the international trade environment of of Asian
enterprises deteriorated, bearing enormous pressure
from the international market.
Part Two
Figure 4.5 BRICS Countries Year-on-Year Export Growth Tendency

Source: Wind Info.
Figure 4.6 BRIC Countries Trade Surplus Development Tendency

Source: Wind Info.
39
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4.4 Business Environment for

Asian Enterprises Shows Signs
of Improvement in 2014
Comparing with the situation before and during
the global financial crisis, Asian enterprises
business environment has not improved, showing
a tendency of deterioration. However, as shown in
Figure 4.1-4.6, business environment for the BRICS
countriesleaders of the emerging economies
began to show signs of improvement in 2013, in
terms of the finance, consumption, international
trade environment. Though the development of
most Asian economies were not as sound as that of
the BRICS countries, the economic improvement of
the latter, especially that of Asian leading economy,
China, predicts a better business environment for
Asian enterprises.
Firstly, though the US Federal Reserve signaled
to exit the QE, and scaled back liquidity injection
into the market, but that would not trigger a
regional financial turmoil like the one in 1997, or
a sudden change of the business environment for
Asian enterprises. Asian economies are capable to
deal with possible financial risks.
a) Asian economies have the experience
to respond to a similar financial crisis, and have
established the mechanisms for international
cooperation. The Asian financial crisis of the 20th
century provided Asian economies a wealth of
experience to deal with a similar financial crisis
of cross-border capital flows. With developed
economies tapering off the quantitative easing,
Asian economies in general are ready with
countermeasures. Asian economies are equipped
with sufficient defensive mentality and plans to deal
with possible risks at present.
b) Asian economies have established a
relatively complete international assistance
mechanism to counter with financial crisis. After
the Asian financial crisis, regional economies in
Asia established a huge anti-risk fund pool under
the Chiang Mai Initiative, which provided a solid
capital base in response to the financial crisis.
Meanwhile, a relatively complete joint-defense
mechanism acts as a powerful firewall to prevent
a similar crisis.
c) Relatively ample foreign reserves also make
emerging economies strong and capable to deal
with financial crisis. Many Asian economies have
40
accumulated relatively large foreign exchange

assets through their export-oriented development
strategy, which equip Asian economies with the
capability to deal with financial crisis involving crossborder flows.
d) The developed economies mild exit of
quantitative easing provided ample space for Asian
economies to respond to possible financial crisis
by relying on their own might. Each of the world
economies has an interest of the hard-won global
economic recovery that should be safeguarded
by all. The developed economies gradual exit of
quantitative easing also took the global economic
recovery into account. For example, the US Federal
Reserve cut its monthly purchase of Treasury bonds
by USD10 billion firstly, and further tapering-off
moves would depend on the situation of economic
recovery. It scheduled to completely quit QE in mid2015. As long as the jobless rate remains above
6.5%, and inflation expectations keep above 2.5% in
the next one to two years, the Fed will maintain the
ultra-low interest rate, which is close to zero, which
determines that the exit of quantitative easing will
wind up in a relatively long period of time. Therefore,
Asian economies are faced with slow international
capital reflows, rather than short-term and largescale capital flows.
e) Improved monitoring of cross-border
capital flows also provides a good support to Asian
economies to deal with financial crisis involving
cross-border capital flows. Through monitoring,
Asian economies are able to percept the risks and
act in advance.
All of these mean that the de veloped
economies exit of quantitative easing may trigger
financial crisis involving cross-border capital flows
to Asian economies. However, Asian economies
have the capability to deal with such risks with
existing conditions, and a sudden change of
Asian enterprises business environment can be
avoided.
Secondly, the Asian economies are able to
solve the problem of international market expansion
and replacement through connectivity, which
points out the direction of international investment
and trade, and provides space for sustainable
development. From the perspective of market
exploration, Asian economies are able to substitute
the market share taken by developed economies by
strengthening cooperation, tapping the markets of
Part Two
emerging economies and their own as well, so as

to explore enough markets for products made by
Asian enterprises.
Standing the international financial crisis,
Asian economies have begun to explore each
other s markets through cooperation. Driven
by the dual pressure of shrinking developed
markets and domestic overcapacity, emerging
economies began to explore the emerging markets
during the global financial crisis, and established
mechanisms of currency swap and free trade areas,
which was conducive to mutual cooperation.
These mechanisms helped emerging economies
to minimize the negative effects of developed
economies quantitative easing, ensured a smoother
functioning of international trade and international
finance, and promoted cooperation between
economies.
At present, China proposes to establish the
Silk Road Economic Belt and Maritime Silk Road,
launches the policy to build up the free trade zone,
which speeds up economic integration with Asian
economies via land and sea, and accelerates the
consolidation of Asian economies and associated
economies through infrastructure connectivity.
It also promotes the integration of Asias virtual
economies, which will bring about the complete
integration in Asia. These new moves are not
only able to provide a vast investment market
for enterprises, including Asian enterprises,
but also will help to lower the operating costs
and improve the operating environment for
them. The emergence of these cooperation
mechanisms and the market space created
indicate a rapid expansion of the international
market space for Asian enterprises.
Thirdly, Asian economies efforts to expand
domestic demand open the era of Asian markets
expansion. After the breakout of the global financial
crisis, Asian economies have generally adopted
countermeasures to boost domestic demand,

due to the shrinking developed markets and
overcapacity problems at home. Therefore, Asian
economies domestic markets began to expand. As
shown in Figure 4.7, after the global financial crisis
in 2008, the per capita purchasing power of the
BRICS countries and the US surged rapidly. Chinas
per capita purchasing power was only higher than
that of India in the BRICS countries, according to
a 2012 World Bank ranking based on per capita
purchasing power parity, but its growth rate was as
high as 9.81%, which is higher than the other BRICS
countries and the US. Russias per capita income
used to be 2.55 times higher than China, and that
of US used to be 5.41 times higher than China.
Therefore, China had become one of the fastest
economies in terms of boosting its domestic
demand thanks to its simulating policies. The rapid
expansion of the emerging markets provided an
increasingly broad market space for emerging
economies to offset losses caused by the withering
developed markets.
For these reasons, Asian economies are
able to keep their heads above the water when
they are encountered with the risks, laying
down the foundation for enterprises sustainable
development. The coming of the era of an
integrated Eurasia, and the expanding domestic
markets of emerging economies, will offset the
depressed market space caused by the delay of
a massive new technology revolution, and offer
new developing space for enterprises around the
world through establishing new mechanisms to
revive the existing markets and to cut transaction
costs. It can be predicted that, the window period
of the world development is approaching in 2014.
Investing for the connectivity of Asias infrastructure
will fur ther optimize the regions business
environment for Asian enterprises, and usher in a
new era for them to stride in development.
41
Boao Forum for Asia

Figure 4.7 BRICS Countries and the US Per Capita Purchasing

Power Development Tendency
Source: Wind Info.
42
Part Two
Chapter 5
Report on Competitiveness of
5.1 Selected Listed Asian
Enterprises
Our evaluation objects are the listed Asian
enterprises. Considering the close ties between
Asian enterprises and enterprises from Australia
and New Zealand, we also included listed Oceania
enterprises to reflect the overall Asian economic
state. We first selected 39 stock exchanges from
Asia and two stock exchanges from Oceania (See
Table 5.1). From that, a total of 21,161 enterprises

from all industries (excluding banking and insurance
industries) were selected. As a final step, we singled
out the enterprises with no or incomplete data and
focused on the remaining 13,780 enterprises. From
the 454 banking enterprises, we deleted enterprises
with no or incomplete data and chose 359 target
enterprises as final candidates for analysis. Similarly,
201 insurance enterprises are finalized for analysis
among 268 initially selected enterprises.
Table 5.1 41 Main Stock Exchanges in Asia and Oceania

Chinese Name of Asian Exchanges
English Name of Asian Exchanges
Economy
Shenzhen Stock Exchange
Shanghai Stock Exchange
Hong Kong Exchanges and Clearing Ltd.
Jakarta Stock Exchange
Indonesia
Bombay Stock Exchange
India
National Stock Exchange of India
India
Osaka Securities Exchange Co. Ltd.
Japan
JASDAQ
JASDAQ Securities Exchange
Japan
Sapporo Stock Exchange
Japan
Tokyo Stock Exchange
Japan
Nagoya Stock Exchange
Japan
Korea Stock Exchange
Korea, Republic of
Korea Security Dealers Association Quotations
Korea, Republic of
Chinas Hong Kong
43
Boao Forum for Asia

continued
Chinese Name of Asian Exchanges
English Name of Asian Exchanges
Economy
Colombo Stock Exchange
Sri Lanka
Kuala Lumpur Stock Exchange
Malaysia
Philippine Stock Exchange
The Philippines
Singapore Stock Exchange
Singapore
Stock Exchange of Thailand
Thailand
Taiwan Stock Exchange
Chinas Taiwan
Taiwan GreTai Security Market
Chinas Taiwan
Vietnam Stock Exchange
Vietnam
Amman Stock Exchange
Jordan
Kuwait Stock Exchange
Kuwait
The Tel Aviv Stock Exchange
Nasdaq OMX Armenia
Abu Dhabi Stock Exchange
Dubai Financial Market
Nasdaq Dubai
Iraq Stock Exchange
Beirut Stock Exchange
Lebanon
Qatar Stock Exchange
Qatar
Palestine Stock Exchange
Muscat Stock Exchange
Oman
Manama Stock Exchange
Bahrain
Damascus Securities Exchange
Saudi Arabia Stock Exchange
Saudi Arabia
Dhaka Stock Exchange
Bangladesh
Kazakhstan Stock Exchange
Kazakhstan
Kyrgyzstan Stock Exchange
Kyrgyzstan
Australian Stock Exchange
Australia
New Zealand Stock Exchange Ltd.
44
Israel
Armenia
Iraq
Palestine
Syria
New Zealand
Part Two
Based on the target enterprises data from

2012, we concluded the ranking of the listed Asian
enterprises in 2013 using our evaluation mold and
then we finish this annual report.
5.2 Evaluation Results and

Related Analysis of Listed Asian
Enterprises
In general, there is no substantial change in terms
of the overall competitiveness ranking. The top 10
enterprises in 2012 still hold the top 10 places in

the ranking this year (See Table 5.2). Rankings of
PETROCHINA CO. LTD. and BHP BILLITON LTD. remain
unchanged, as they still rank the first and seventh
in the ladder, respectively. SAMSUNG ELECTRONICS
CO. LTD. made a significant achievement and
advanced 4 notches in ranking, followed by NISSAN
MOTOR CO. LTD. and HONDA MOTOR CO. LTD., both
of which go up by 1 place. The rankings of selected
top 300 listed Asian enterprises are provided in
Chapter 6 of this report.
Table 5.2 Asia Listed Top 10 Enterprises of Enterprises Overall Competitiveness

Company Name
2013 Annual Ranking
2012 Annual Ranking
Change in Ranking
PETROCHINA CO. LTD.
SAMSUNG ELECTRONICS CO. LTD.
+4
TOYOTA MOTOR CORP.
-1
CHINA PETROLEUM & CHEMICAL

CORP.
-1
NIPPON TELEGRAPH & TELEPHONE

CORP.
-1
CHINA MOBILE LTD.
-1
BHP BILLITON LTD.
NISSAN MOTOR CO. LTD.
+1
HONDA MOTOR CO. LTD.
10
+1
MITSUBISHI CORP.
10
-2
Judging from the top 10 enterprises sub-item

capacities, they continued previous characteristics
in the last few years: A relatively high basic capacity
and profitability, and a relatively weak development
capacity and anti-risk capacity. The four sub-item
capacities are the basic capacity, profitability, antirisk capacity, and development capacity (See Figure
5.1). The top 10 enterprises overall competitiveness
is determined by their basic capacity, with that
of the top six and the last four in this group
varying significantly, but their profitability, anti-
risk capacity and development capacity are very

close. Judging from a specific enterprises radar
map (Take PETROCHINA CO. LTD. as an example),
each of their radar maps is cone-shaped (See Figure
5.2). It reflects a common characteristic of large
Asian enterprises: they have a heavy burden in
general, and many assets cannot be converted into
profit resources; they are weak in terms of anti-risk
capacity, due largely to their high asset-liability ratio,
poor liquidity, and a long asset turnover period.
45
Boao Forum for Asia

Figure 5.1 Spider Map of the Competitiveness of Asias Top 10 Listed Enterprises
Figure 5.2 Radar Map of the Competitiveness of PETROCHINA CO. LTD.
5.3 Results and Analysis of SubItem Evaluation of Listed Asian

Enterprises Competitiveness
factors: four capacity indicators, regional distribution

and industry of those enterprises and concluded
each sub-item evaluation list. We then concluded
each sub-item evaluation list.
To fully understand the details of Listed Asian

enterprises competitiveness and better serve
enterprises development, we evaluated Asian
enterprises competitiveness by different ranking
5.3.1 Ranking on Listed Enterprises Four

Capacity Indicators
46
I n o rd e r to f u r t h e r re f l e c t t h e e n te r p r i s e s
competitiveness on the four indicators, we ranked
Part Two
the listed enterprises according to their basic capacity,

development capacity, profitability and anti-risk
capacity. Please refer to Chapter 6 of this report for
detailed rankings of the top 50 in each ranking.
5.3.2 Ranking on Listed Enterprises Location
in Asias Sub-Regions
To help enterprises more clearly understand their
competitive differences in respective regions in Asia
and make improvement in a proper manner, we
ranked the enterprises from the following 6 subregions, which are China, Chinas Hong Kong, and
Chinas Taiwan, China-Japan-Korea, ASEAN, Central
and West Asia, South and Southeast Asia, Australia
and New Zealand.
The first region includes China, Chinas Hong
Kong, and Chinas Taiwan. China-Japan-Korea contains
China, Japan and Korea. The ASEAN consists of Brunei,
Cambodia, Indonesia, Laos, Malaysia, Myanmar, the
Philippines, Singapore, Thailand and Vietnam. Central
and West Asia includes Kazakhstan, Uzbekistan,
Kyrgyzstan, Turkmenistan, Tadzhikistan, Iran, Iraq,
Armenia, Syria, Jordan, Israel, Saudi Arabia, Bahrain,
Qatar, Yemen, Oman, the United Arab Emirates,
Kuwait, Afghanistan, Lebanon, Cyprus, Georgia,
Azerbaijan, Turkey and Egypts Asian territory. South
and Southeast Asia includes Nepal, Bhutan, India,
Pakistan, Bangladesh, Sri Lanka, Maldives, Vietnam,
Laos, Cambodia, Thailand, Myanmar, Malaysia,
Singapore, Indonesia, Brunei, the Philippines and
Timor-Leste. The last region includes Australia and
New Zealand.
Based on the aggregated data of six subregional enterprises and competitiveness model, we
ranked the enterprises in six sub-regions of Asia. The
detailed ranking of top 50 is available in Chapter 6.

5.3.3 Ranking on Enterprises Industries
To help Asian enterprises get a better knowledge of
their comparative differences in respective industries
and make them enhance their competitiveness in
a proper manner, we ranked the top 10 enterprises
in Asia by 22 industries, based on the industrial
classification system provided by Inxite Information
Industry Co. Ltd. These industries include public
utility, transportation, telecommunication services,
technology hardware and equipment, software
and services, semiconductor and semiconductor
equipment, retailing, real estate, pharmaceuticals,
biotechnology and life science, media, materials,
household and personal products, health care
equipment and services, food, beverage and tobacco,
staples retailing, energy, diversified financials,
consumer services, consumer durables, apparel and
clothing, commercial and professional services, capital
goods, automobiles and components industries. The
detailed rankings of listed enterprises in each specific
industry are available in Chapter 6.
5.4 Evaluation of Asian

Listed Banking and Insurance
Enterprises
Starting from 2012, we had two additional rankings
on the competitiveness of listed Asian banking
enterprises and listed Asian insurance enterprises.
The detailed rankings of the top 10 in the two
sectors are available in Table 5.3 and Table 5.4,
respectively.
Table 5.3 Ranking of Asian Listed Banks Overall Competitiveness

Company Name
Economy
Ranking
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD.
CHINA CONSTRUCTION BANK CORP.
AGRICULTURAL BANK OF CHINA LTD.
BANK OF CHINA LTD.
Japan
Chinas Taiwan
Sri Lanka
SUMIMOTO MITSUI TRUST HOLDINGS INC.
Japan
SUMIMOTO MITSUI FINANCIAL GROUP INC.
Japan
Bahrain
10
MITSUBISHI UFJ FINANCIAL GROUP INC.

TAIWAN COOPERATIVE BANK LTD.
NATIONAL DEVELOPMENT BANK PLC
AL SALAM BANK (BSC)
47
Boao Forum for Asia

Table 5.4 Ranking of Asian Listed Insurance Enterprises Overall Competitiveness

Company Name
CHINA LIFE INSURANCE CO. LTD.
SUNCORP GROUP LTD.
PEOPLES INSURANCE COMPANY (GROUP) OF CHINA LTD.
DAI-ICHI LIFE INSURANCE CO. LTD.
AIA GROUP LTD.
CATHAY FINANCIAL HOLDING CO. LTD.
DREAM INCUBATOR INC.
PICC PROPERTY AND CASUALTY CO. LTD.
ADVANCE CREATE CO. LTD.
PRIME ISLAMI LIFE INSURANCE LTD.
Judging from the above two rankings, Chinese

enterprises accounted for a large proportion in
both the banking and insurance industries. Chinese
enterprises domain the top three Asian listed banks,
namely, INDUSTRIAL AND COMMERCIAL BANK OF
CHINA LTD., CHINA CONSTRUCTION BANK CORP.,
and AGRICULTURAL BANK OF CHINA LTD. The
top three insurance enterprises are CHINA LIFE
INSURANCE CO. LTD., SUNCORP GROUP LTD., and
PEOPLES INSURANCE COMPANY (GROUP) OF CHINA
LTD.
We can see that listed enterprises in both the
banking and insurance industries vary significantly
from general listed enterprises in terms of the
four sub-item indicators (See Figure 5.3-5.4).
Development capacity and profitability weighs
Economy
Ranking
Australia
Japan
Chinas Hong Kong
Chinas Taiwan
Japan
Japan
Bangladesh
10
more in their competitiveness instead of the basic

capacity. Among the top 10 listed banks, basic
capacity plays a decisive role in determining the
overall competitiveness of the first five banks, while
the cases of the latter five in the group are diverse,
with some outperforming in profitability and others
standing out in development capacity. On average,
basic capacity accounts for the most, followed by
profitability, anti-risk capacity and development
capacity. As for the top 10 listed insurance
companies, basic capacity is no longer the decisive
factor for the competitiveness, and there are huge
differences among all the four capacities. However,
basic capacity weighs more on average, and there is
no obvious difference in terms of the contribution
of the rest three factors.
Figure 5.3 Spider Map of the Competitiveness of Asias Top 10 Listed Banks
48
Part Two
Figure 5.4 Spider Map of the Competitiveness of Asias Top 10 Listed

Insurance Enterprises
49
Boao Forum for Asia

50
Part Two
Chapter 6
Competitiveness of Listed Asian

Enterprises2013 Rankings
6.1 2013 Rankings by Comprehensive Capacity: Listed Asian
Enterprises Competitiveness (300)
Table 6.1 2013 Rankings by Comprehensive Capacity:
Listed Asian Enterprises Competitiveness
Company Name
PETROCHINA CO. LTD.
TOYOTA MOTOR CORP.
CORP.
CORP.
Economy
Industry
China, Peoples Republic of Energy

Korea, Republic of
Japan
Ranking
1
Semiconductors & Semiconductor

Equipment
Automobiles & Components
Japan
Telecommunication Services
CHINA MOBILE LTD.
Chinas Hong Kong
BHP BILLITON LTD.
Australia
Materials
Japan
Japan
MITSUBISHI CORP.
Japan
Capital Goods
10
HITACHI LTD.
Japan
Technology Hardware & Equipment
11
12
Energy
13
14
HYUNDAI MOTOR CO.

JX HOLDINGS, INC.
HON HAI PRECISION INDUSTRY CO.
LTD.
Korea, Republic of
Japan
Chinas Taiwan
NTT DOCOMO INC.
Japan
15
MITSUI & CO. LTD.
Japan
Capital Goods
16
Materials
17
SAUDI BASIC INDUSTRIES CORP.
Saudi Arabia
51
Boao Forum for Asia

continued
Company Name
CNOOC LTD.
SK HOLDINGS CO. LTD.
Economy
Industry
18
Capital Goods
19
CHINA STATE CONSTRUCTION

ENGINEERING CORP. LTD.
China, Peoples Republic of Capital Goods
20
CHINA SHENHUA ENERGY CO. LTD.
21
HUTCHISON WHAMPOA LTD.

SONY CORP.
KOREA ELECTRIC POWER CORP.
RELIANCE INDUSTRIES LTD.
PTT PCL
Korea, Republic of
Ranking
Chinas Hong Kong
Capital Goods
22
Consumer Durables, Apparel &

Clothing
23
Public Utilities
24
India
Energy
25
Thailand
Energy
26
Japan
Korea, Republic of
SAIC MOTOR CORP. LTD.
China, Peoples Republic of Automobiles & Components
27
CHINA TELECOM CORP. LTD.
China, Peoples Republic of Telecommunication Services
28
POSCO
CHINA RAILWAY GROUP LTD.
CHINA TRENDS HOLDINGS LTD.
ITOCHU CORP.
CHENGDE NANJIA CO. LTD.
Korea, Republic of
Materials

Chinas Hong Kong
Japan
29
30
31
Capital Goods
32

Clothing
33
TOKYO ELECTRIC POWER CO. INC.
Japan
Public Utilities
34
ISRAEL CANADA TR LTD.
Israel
Real Estate
35
SERVE KIRTASYE SANAY VE TCARET

A.
Turkey
Commercial & Professional Services
36
SUMITOMO CORP.
Japan
Capital Goods
37
38
CHINA RAILWAY CONSTRUCTION

CORP. LTD.
TOSHIBA CORP.
Japan
Capital Goods
39
JARDINE MATHESON HOLDINGS LTD.
Chinas Hong Kong
Capital Goods
40
KAISUN ENERGY GROUP LTD.
Chinas Hong Kong
Energy
41
FJ PRINCE HOLDINGS CORP.
The Philippines
Real Estate
42
43
Software & Services
44
CHINA UNICOM (HONG KONG) LTD.

TECNOS JAPAN INC.
CHINA UNITED NETWORK
COMMUNICATIONS LTD.
POLISAN HOLDING AS
JARDINE STRATEGIC HOLDINGS LTD.
Chinas Hong Kong

Japan

Turkey
Chinas Hong Kong
WESFARMERS LTD.
Australia
INDIAN OIL CORP.
India
52
45
Materials
46
Capital Goods
47
Food & Staples Retailing
48
Energy
49
Part Two
continued
Company Name
AVRASYA GAYRIMENKUL YAT. ORT. AS
ZHIDAO INTL (HOLDINGS) LTD.
Economy
Turkey
Chinas Hong Kong
Industry
Ranking
Diversified Financials
50
Materials
51
Energy
52
JASPER INVESTMENT LTD.
Singapore
EAST JAPAN RAILWAY CO.
Japan
Transportation
53
OIL & NATURAL GAS CORP. LTD.
India
Energy
54
SOFTBANK CORP.
Japan
55
NIPPON STEEL & SUMITOMO METAL

CORP.
Japan
Materials
56
Consumer Services
57
58
RESTAURANT BRANDS NEW ZEALAND

LTD.
KDDI CORP.
XIAMEN HEXING PACKAGING
PRINTING CO. LTD.
New Zealand
Japan
China, Peoples Republic of Materials
59
HYCOMM WIRELES LTD.
Chinas Hong Kong
Real Estate
60
CHINA PUBLIC PROCUREMENT LTD.
Chinas Hong Kong
Software & Services
61
MARUBENI CORP.
Japan
Capital Goods
62
CANON INC.
Japan
63
CHINA COMMUNICATIONS
CONSTRUCTION CO. LTD.
NOBLE GROUP LTD

Chinas Hong Kong
64
Capital Goods
65
SEVEN & I HOLDINGS CO. LTD.
Japan
66
AEON CO. LTD.
Japan
67
Real Estate
68
Capital Goods
69
Real Estate
70
Food Beverage & Tobacco
71
Energy
72
73
CHEUNG KONG (HOLDINGS) LTD.

TOYOTA TSUSHO CORP.
WHARF (HOLDINGS) LTD.
CI HOLDINGS BHD
Chinas Hong Kong

Japan
Chinas Hong Kong
Malaysia
SK INNOVATION CO. LTD.
Korea, Republic of
EISO ENTERPRISE CO. LTD.
Chinas Taiwan
LOUIS XIII HOLDINGS LTD.
Chinas Hong Kong
Capital Goods
74
WHEELOCK & CO. LTD.
Chinas Hong Kong
Real Estate
75
Sri Lanka
Real Estate
76

Equipment
77
Capital Goods
78
LEE HEDGES PLC

TAIWAN SEMICONDUCTOR
MANUFACTURING CO. LTD.
TAT INDUSTRIES LTD.
Chinas Taiwan
Israel
FIRST NATURAL FOODS HOLDINGS

LTD.
Chinas Hong Kong
79
KIA MOTORS CORP.
Korea, Republic of
80
53
Boao Forum for Asia

continued
Company Name
WOOLWORTHS LTD.
HYUNDAI HEAVY INDUSTRIES CO. LTD.
DENSO CORP.
VUNG ANG PETROLEUM JOINT STOCK
CO.
Economy
Australia
Korea, Republic of
Japan
Vietnam
Industry
Ranking
81
Capital Goods
82
83
Energy
84
JAPAN TOBACCO INC.
Japan
85
CENTRAL JAPAN RAILWAY CO.
Japan
Transportation
86
WILMAR INTERNATIONAL LTD.
Singapore
87
Materials
88
GALAXY RESOURCES LTD.
Australia
BOROVA YAPI ENDUSTRISI AS
Turkey
Capital Goods
89
CHOICE INFRA VENTURES LTD.
India
Capital Goods
90
MITSUB ELECTRIC CORP.
Japan
Capital Goods
91
WEIYE HOLDINGS LTD.

CHINA RAILSMEDIA CORP. LTD.
DDH CO. LTD.
HACI OMER SABANCI HOLDINGS AS
NIRVANA DEVELOPMENT TBK PT
China, Peoples Republic of Real Estate
92
Chinas Hong Kong
Media
93
Chinas Taiwan
Media
94
95
Real Estate
96
Turkey
Indonesia
BRIDGESTONE CORP.
Japan
97
FUJITSU LTD.
Japan
Software & Services
98
99
Pharmaceuticals, Biotechnology & Life

Sciences
100
TELSTRA CORP. LTD.

TEVA PHARMACEUTICAL INDUSTRIES
LTD.
LONGMASTER INFORMATION &
TECHNOLOGY CO. LTD.
Australia
Israel
China, Peoples Republic of Software & Services
ONESOURCE TECHMEDIA LTD.
India
TIME WATCH INVESTMENT LTD.
Chinas Hong Kong
101
Media
102

Clothing
103
IDEMITSU KOSAN CO. LTD.
Japan
Energy
104
ADINATH BIO-LABS LTD.
India
Materials
105
AMANI TRADING AND EXPORTS LTD.
India
Capital Goods
106
107
Real Estate
108
STARHUB LTD.
SWIRE PACIFIC LTD.
Singapore
Chinas Hong Kong
BORUSAN YATIRIM VE PAZARLAMA AS
Turkey
109
INPEX CORP.
Japan
Energy
110
111
Capital Goods
112
113
HYUNDAI MOBIS CO. LTD.
Korea, Republic of
KOC HOLDINGS AS
Turkey
TATA MOTORS LTD.
India
54
Part Two
continued
Company Name
TAKEDA PHARMACEUTICAL CO. LTD.
MACKWOODS ENERGY PLC
MITSUBISHI HEAVY INDUSTRIES LTD.
BAOSHAN IRON & STEEL CO. LTD.
MITSUBISHI CHEMICAL HOLDINGS
CORP.
CHINA VANKE CO. LTD.
ARTEL SOLUTIONS GROUP HOLDINGS
LTD.
T. SPIRITUAL WORLD LTD.
SINGAPORE TELECOM LTD.
SULABH ENGINEERS & SERVICES LTD.
SONG LIAO AUTOMOTIVE CO. LTD.
SAUDI ELECTRICITY CO.
Economy
Industry
Ranking
Japan

Sciences
114
Sri Lanka
Capital Goods
115
Japan
Capital Goods
116

Japan
Materials

Chinas Hong Kong
India
Singapore
India
118
119
120
Retailing
121
122
123

Saudi Arabia
117
124
Public Utilities
125
FUJIFILM HOLDING CORP.
Japan
126
BIRI BARASHI LAND WORKS,

DEVELOPMENT, INFRASTRUCTURE &
ROADS LTD.
Israel
Real Estate
127
Public Utilities
128
KOREA GAS CORP.
Korea, Republic of
PASARI SPINNING MILLS LTD.
India

Clothing
129
MITSUBISHI ESTAT
Japan
Real Estate
130
KIRIN HOLDINGS CO. LTD.
Japan
131
KOMATSU LTD.
Japan
Capital Goods
132
ADVANCE LIFESTYLES LTD.
India

Clothing
133
CATCHA MEDIA BHD
Software & Services
134
KT CORP.
Korea, Republic of
135
LOTTE SHOPPING CO. LTD.
Korea, Republic of
Retailing
136
MITSUI FUDOSAN CO. LTD.
Japan
Real Estate
137
HUANENG POWER INTERNATIONAL

INC.
SAUDI TELECOM CO.
RUBFILA INTERNATIONAL LTD.
CHINA COMMUNICATION TELECOM
SERVICES CO. LTD.
Malaysia
China, Peoples Republic of Public Utilities
138
Saudi Arabia
139
India
140
Software & Services
141
Chinas Taiwan
NTPC LTD.
India
Public Utilities
142
SUZUKI MOTOR CORP.
Japan
143
IMAGICA ROBOT HOLDINGS INC.
Japan
Software & Services
144
55
Boao Forum for Asia

continued
Company Name
HENDERSON LAND DEVELOPMENT
CO. LTD.
TATA STEEL LTD.
CHINA NEW ENERGY POWER GROUP
LTD.
CHINA COAL ENERGY CO. LTD.
Economy
Chinas Hong Kong
India
Chinas Hong Kong
Industry
Ranking
Real Estate
145
Materials
146
147
148
BHARAT PETROLEUM CORP. LTD.
India
Energy
149
AUSOM ENTERPRISE LTD.
India
Capital Goods
150
Energy
151

Sciences
152
153

Clothing
154
155
Real Estate
156
WOODSIDE PETROLEUM LTD.

PACIFIC EDGE LTD.
Australia
New Zealand
TOYOTA INDUSTRIES CORP.
Japan
LUEN THAI HOLDINGS LTD.
Chinas Hong Kong
AISIN SEIKI CO. LTD.
Japan
NEW WORLD DEVELOPMENT CO. LTD.
Chinas Hong Kong
SMARTLINK NETWORK SYSTEMS LTD.
India
157
INGENIC SEMICONDUCTOR CO. LTD.

Equipment
158
PT ASTRA INTERNATIONAL TBK
Indonesia
159
PETROLIMEX HATAY TRANSPORTATION

AND SERVICE JSC
Vietnam
Energy
160
SUMITOMO ELECTRIC INDUSTRIES

LTD.
Japan
Capital Goods
161
BHARTI AIRTEL LTD.
India
162
Singapore
Transportation
163
NITTOKU ENGINEERING CO. LTD.
Japan
Capital Goods
164
AL SHAMEKHA REAL ESTATE AND

FINANCIAL INVESTMENTS CO.
Jordan
Real Estate
165
SKY ONE HOLDINGS LTD.
DATANG INTERNATIONAL POWER

GENERATION CO. LTD.
ORIGIN ENERGY LTD.
HONGKONG LAND CO. LTD.
HOLDINGS LTD.
JINDAL PHOTO LTD.

Australia
Chinas Hong Kong
India
166
Energy
167
Real Estate
168

Clothing
169
PTG ENERGY PCL
Thailand
Retailing
170
AEON METALS LTD.
Australia
Materials
171
HINDUSTAN PETROLEUM CORP. LTD.
India
Energy
172
COAL INDIA LTD.
India
Energy
173
56
Part Two
continued
Company Name
Economy
WEST JAPAN RAILWAY CO.
Japan
CHINA OVERSEAS LAND &

INVESTMENT LTD.
Chinas Hong Kong
POLY REAL ESTATE GROUP CO. LTD.

TONENGENERAL SEKIYU K.K.
SWIRE PROPERTIES LTD.
Industry
Ranking
Transportation
174
Real Estate
175
176
Japan
Chinas Hong Kong
Energy
177
Real Estate
178
GEOSTR CORP.
Japan
Materials
179
SUMITOMO REALTY & DEVELOPMENT

CO. LTD.
Japan
Real Estate
180
Retailing
181
Public Utilities
182
Chinas Taiwan
183
Japan
184
JARDINE CYCLE & CARRIAGE LTD.

TOKYO GAS CO. LTD.
QUANTA COMPUTER INC.
NEC CORP.
DONGFENG MOTOR GROUP CO. LTD.
KYOCERA CORP.
Singapore
Japan

186
Malaysia
Public Utilities
187
Japan
Public Utilities
188
SAMSUNG C&T CORP.
Korea, Republic of
Capital Goods
189
CITIC PACIFIC LTD.
Chinas Hong Kong
Capital Goods
190
CLP HOLDINGS LTD.
Chinas Hong Kong
Public Utilities
191
Australia
Materials
192
Korea, Republic of
Materials
193
Energy
194
TENAGA NASIONAL BHD

CHUGOKU ELECTRIC POWER CO. INC.
ALCYONE RESOURCES LTD.

LG CHEM LTD.
ORIENTAL PETROLEUM AND
MINERALS CORP.
Japan
185
The Philippines
SHIN-ETSU CHEM CO. LTD.
Japan
Materials
195
SUMITOMO CHEMICAL CO. LTD.
Japan
Materials
196
Energy
197
China, Peoples Republic of Technology Hardware & Equipment
198
FORMOSA PETROCHEMICAL CORP.

SHIJIAZHUANG BAOSHI ELECTRONIC
GLASS CO. LTD.
SK TELECOM CO. LTD.
KEPPEL CORP. LTD.
INGENUITY CONSOLIDATED BHD
PAXYS INC.
Chinas Taiwan
Korea, Republic of
Singapore
Malaysia
The Philippines
199
Capital Goods
200
Software & Services
201
202
AIR CHINA LTD.
China, Peoples Republic of Transportation
203
EVERGRANDE REAL ESTATE GROUP

LTD.
204
SAN MIGUEL CORP.
The Philippines
Capital Goods
205
57
Boao Forum for Asia

continued
Company Name
MTR CORP. LTD.
BC IRON LTD.
GD POWER DEVELOPMENT CO. LTD.
PEGATRON CORP.
DAIWA HOUSE INDUSTRY CO. LTD.
Economy
Chinas Hong Kong
Australia
Industry
Transportation
206
Materials
207

Chinas Taiwan
Japan
Ranking
208
209
Real Estate
210
MY NET FONE LTD.
Australia
211
PTT GLOBAL CHEMICAL PCL
Thailand
Materials
212
Real Estate
213

Sciences
214
Real Estate
215
Energy
216
Materials
217
KEPPEL PHILIPPINES HOLDINGS INC.

OTSUKA HOLDINGS CO. LTD.
KEPPEL PHILIPPINES PROPERTIES INC.
S-OIL CORP.
ELEKTROIZOLITI
The Philippines
Japan
The Philippines
Korea, Republic of
Georgia
ASAHI GROUP HOLDINGS LTD.
Japan
218
PANTALOONS FASHION & RETAIL LTD.
India

Clothing
219
TURKISH PETROLEUM REFINERIES CO.
Turkey
Energy
220
FLC GROUP JSC
Vietnam
Real Estate
221
PTT EXPLORATION AND PRODUCTION

PCL
Thailand
Energy
222
223
Real Estate
224
Media
225
GEMINI SEA FOOD LTD.

MASHAER HOLDINGS CO.
TONG HUA COMMUNICATIONS
PCLUNICATIONS PCL
JIANGXI COPPER CO. LTD.
ORIENTAL UNICORN AGRICULTURAL
GROUP LTD.
Bangladesh
Kuwait
Thailand

Chinas Hong Kong
EMIRATES TELECOMMUNICATIONS
CORP.
TOHOKU ELECTRIC POWER CO. INC.
Japan
226

Sciences
227
228
Public Utilities
229
MONO TECHNOLOGY PCL
Thailand
Software & Services
230
GENTING BHD
Malaysia
Consumer Services
231
YAMADA DENKI CO. LTD.
Japan
Retailing
232
TORAY INDUSTRIES INC.
Japan
Materials
233
Real Estate
234
Software & Services
235
CAPITALAND LTD.
MARVELOUS AQL INC.
SINOHYDRO GROUP LTD.
ANA HOLDINGS INC.
58
Singapore
Japan

Japan
Transportation
236
237
Part Two
continued
Company Name
CHINA YANGTZE POWER CO. LTD.
MEDIPAL HOLDINGS CORP.
HANG LUNG PROPERTIES LTD.
Economy
Industry

Japan
Chinas Hong Kong
Ranking
238
Health Care Equipment & Services
239
Real Estate
240
ASAHI GLASS CO. LTD.
Japan
Capital Goods
241
INDUSTRIES QATAR QSC
Qatar
Capital Goods
242
NIPPON PRIMEX INC.
Japan
243
UMANG DAIRIES LTD.
India
244
HINDALCO INDSTRIES LTD.
India
Materials
245
EDYNAMICS SOLUTIONS LTD.
India
Retailing
246
247
E-MART CO. LTD.

LENOVO GROUP LTD.
Korea, Republic of
248
NEWCREST MINING LTD.
Australia
Materials
249
FORTESCUE METALS GROUP LTD.
Australia
Materials
250
Software & Services
251
Real Estate
252
Public Utilities
253
Materials
254
Capital Goods
255

Sciences
256
Energy
257
Real Estate
258
259
TATA CONSULTANCY SERVICES LTD.

HANG LUNG GROUP LTD.
India
Chinas Hong Kong
OSAKA GAS CO. LTD.
Japan
HYUNDAI STEEL CO.
Korea, Republic of
SIME DARBY BHD

SNP GENETICS INC.
SHOWA SHELL SEKIYU K. K.
CHINA RESOURCES LAND LTD.
SUNGEI BAGAN RUBBER COMPANY
(MALAYA) BHD
Malaysia
Korea, Republic of
Japan
Chinas Hong Kong
Malaysia
LARSEN & TOUBRO LTD.
India
Capital Goods
260
DELEK GROUP LTD.
Israel
Energy
261
TOKYU CORP.
Japan
Transportation
262
263
DAQIN RAILWAY CO. LTD.

OOREDOO QSC
Qatar
264
FANUC CORP.
Japan
Capital Goods
265

Sciences
266
Energy
267

Clothing
268
Software & Services
269
Materials
270
CSPC PHARMACEUTICAL GROUP LTD.

INTRA ENERGY CORP. LTD.
SRK INDUSTRIES LTD.
ABC MULTIACTIVE LTD.
ASAHI KASEI CORP.
Chinas Hong Kong

Australia
India
Chinas Hong Kong
Japan
59
Boao Forum for Asia

continued
Company Name
BRITISH AMERICAN TOBACCO
MALAYSIA INDUSTRIES BHD
Economy
Malaysia
Industry
Ranking
271
SEKISUI HOUSE LTD.
Japan

Clothing
272
ISUZU MOTORS LTD.
Japan
273

Clothing
274
275
Materials
276
GREE ELECTRIC APPLIANCES INC. OF

ZHUHAI
DAIHATSU MOTOR CO. LTD.
UNIONMET (SINGAPORE) LTD.
CHINA SOUTHERN AIRLINES CO. LTD.
CJ CORP.
TENCENT HOLDINGS LTD.

Japan
Singapore

Korea, Republic of
Capital Goods
HENDERSON INVESTMENT LTD.
Chinas Hong Kong
MK RESTAURANTS GROUP PCL
Thailand
277
278
279
Capital Goods
280
Consumer Services
281
PERIA KARAMALAI TEA & PRODUCE

CO. LTD.
India
282
ISETAN MITSUKOSHI HOLDINGS LTD.
Japan
Retailing
283
284
Media
285
286
287
288
ALLIED OVERSEAS LTD.

DENTSU INC.
Chinas Hong Kong

Japan
KMC (KUEI MENG) INTERNATIONAL

INC.
Chinas Taiwan
CHAROEN POKPHAND FOODS PCL
Thailand
JIBANNET CO. LTD.

CHINA CITY RAILWAY
TRANSPORTATION TECHNOLOGY
HOLDINGS CO. LTD.
TOPPAN PRINTING CO. LTD.
SINO GEOPHYSICAL CO. LTD.
SHIPUR GOLD REFINERY LTD.
OURPALM CO. LTD.
Japan

Japan

India
Materials
289
290
291
292
293
NIPPON EXPRESS CO. LTD.
Japan
Transportation
294
ASTELLAS PHARMA INC.
Japan

Sciences
295
ASIAN CITRUS HOLDINGS LTD.
Chinas Hong Kong
296
CHINA RESOURCES POWER HOLDINGS

CO. LTD.
Chinas Hong Kong
Public Utilities
297
Real Estate
298
Transportation
299
TRIPLC BHD
HANKYU HANSHIN HOLDINGS INC.
HEBEI IRON AND STEEL CO. LTD.
60
Malaysia
Japan
300
Part Two
6.2 2013 Rankings by Categories: Listed Asian Enterprises

Competitiveness (450)
Table 6.2 Basic Capacity Ranking
Company Name
PETROCHINA CO. LTD.
TOYOTA MOTOR
Economy
Industry

Korea, Republic of
Japan
Ranking
1

Equipment
CHINA PE TROLEUM & CHEMICAL

CORP.

CORP.
Japan
CHINA MOBILE LTD.
Chinas Hong Kong
BHP BILLITON LTD.
Australia
Materials
Japan
Japan
MITSUBISHI CORP.
Japan
Capital Goods
10
HITACHI LTD.
Japan
11
12
Energy
13
14
HYUNDAI MOTOR CO.

JX HOLDINGS, INC.
LTD.
Korea, Republic of
Japan
Chinas Taiwan
NTT DOCOMO INC.
Japan
15
MITSUI & CO. LTD.
Japan
Capital Goods
16
Materials
17
Capital Goods
18

CNOOC LTD.
SONY CORP.
Saudi Arabia
Korea, Republic of

Japan

Clothing
19
20

INTERNATIONAL HOLDINGS LTD.
21
22
Chinas Hong Kong
Capital Goods
23
Korea, Republic of
Public Utilities
24
India
Energy
25
Thailand
Energy
26

PTT PCL
POSCO

Korea, Republic of
Materials
27
28
61
Boao Forum for Asia

continued
Company Name
Economy

ITOCHU CORP.
Japan
Ranking
Public Utilities
29
30
Japan
Industry
Capital Goods
31
32
CHINA RAILWAY CONSTRUC TION

CORP. LTD.
33
SUMITOMO CORP.
Japan
Capital Goods
34
TOSHIBA CORP.
Japan
Capital Goods
35
Chinas Hong Kong
36
Chinas Hong Kong
Capital Goods
37

COMMUNICATIONS LTD.
Chinas Hong Kong
INDIAN OIL CORP
India
WESFARMERS LTD.
Australia
38
Capital Goods
39
Energy
40
41

CORP.
Japan
Materials
42
CANON INC.
Japan
43
Japan
Transportation
44
India
Energy
45
KDDI CORP.
Japan
46
MARUBENI CORP.
Japan
Capital Goods
47
SOFTBANK CORP.
Japan
48
Japan
49
50
Table 6.3 Development Capacity Ranking

Company Name
CHENGDE NANJIANG CO. LTD.
Economy
Industry
Ranking

Clothing

A.
Turkey
Israel
Real Estate
Energy
Chinas Hong Kong
TECNOS JAPAN INC.
Japan
Software & Services
POLISAN HOLDING AS
Turkey
Materials
62
Part Two
continued
Company Name
Economy
Chinas Hong Kong
Australia
Singapore

WEIYE HOLDINGS LTD.
Turkey
Industry
Software & Services
Materials
Energy
Capital Goods
10
Chinas Taiwan
Chinas Hong Kong
Ranking
11
Media
12
13
Indonesia
Real Estate
14
Sri Lanka
Capital Goods
15

PACIFIC EDGE LTD.
PAN ASIA MINING LTD.
16

Sciences
17
India
Capital Goods
18
Chinas Hong Kong
Capital Goods
19
New Zealand
CATCHA MEDIA BHD
Malaysia
Software & Services
20
AEON METALS LTD.
Australia
Materials
21
Australia
Materials
22
Japan
Software & Services
23
Malaysia
Software & Services
24
NITTOKU ENGINEERING CO. LTD.
Japan
Capital Goods
25
JINDAL PHOTO LTD
India

Clothing
26
Australia
Energy
27
KBL MINING LTD.
Australia
Materials
28
Chinas Hong Kong
Materials
29
Real Estate
30
GREAT WORLD COMPANY HOLDINGS

LTD.
FLC GROUP JSC
Vietnam
India
Retailing
31
NIPPON PRIMEX INC.
Japan
32
Kuwait
Real Estate
33
India
34
SRK INDUSTRIES LTD.
India

Clothing
35
SHIJIAZHUANG BAOSHI ELECTRONIC

GLASS CO. LTD.
36

SERVICES CO. LTD.
37
Chinas Taiwan
Software & Services
63
Boao Forum for Asia

continued
Company Name
Economy
Industry
Ranking
XISHUI STRONG YEAR CO. LTD. INNER

MONGOLIA
38
GEOSTR CORP.
Materials
39
Household & Personal Products
40
JINCHUAN GROUP INTERNATIONAL

RESOURCES CO. LTD.
Japan
Chinas Hong Kong
KANGAROO RESOURCES LTD.
Australia
Materials
41
PHARMANET GROUP LTD.
Australia

Sciences
42
BIO LIGHT ISRAELI LIFE SCIENCES

INVESTMENTS LTD.
Israel

Sciences
43

LTD.
Chinas Hong Kong
44
CHINA KEJIAN CO. LTD.

BC IRON LTD.
UNIONMET (SINGAPORE) LTD.
45
Australia
Materials
46
Singapore
Materials
47
THE MEDIA SHOPPE BHD
Malaysia
Software & Services
48
TRIPLC BHD
Malaysia
Real Estate
49
ALEXIUM INTERNATIONAL GROUP

LTD.
Australia
Materials
50
Table 6.4 Profitability Ranking

Company Name
CI HOLDINGS BHD
Economy
Malaysia
Industry
Ranking
Chinas Hong Kong
Materials

LTD.
Chinas Hong Kong

Clothing
Software & Services

Sciences
Transportation
10
STARHUB LTD.
MONO TECHNOLOGY PCL
ORIENTAL UNICORN AGRICULTURAL
GROUP LTD.
SICHUAN GOLDEN SUMMIT (GROUP)
CO. LTD.
CEYLON TOBACCO CO. PLC
64
Singapore
Chinas Hong Kong
India
Thailand
Chinas Hong Kong
Singapore
India

Sri Lanka
11
12
Part Two
continued
Company Name
Economy
Industry
Ranking
PERIA KARAMALAI TEA & PRODUCE

CO. LTD.
India
13
UMANG DAIRIES LTD.
India
14
TRAIDING HOUSE
Georgia
15

Malaysia
16
17
Materials
18

Equipment
19
ASSOCIATED INDUSTRIES CHINA INC.

COCHIN MINERALS & RUTILE LTD.
PLA CO. LTD.
Chinas Taiwan
India
Korea, Republic of
JB CHEMICALS & PHARMACEUTICALS

LTD.
India

Sciences
20
India

Clothing
21
ABR HOLDINGS LTD.
Singapore
22
E-CHANNELLING LTD.
Sri Lanka
23

Clothing
24
Thailand
Consumer Services
25
Chinas Taiwan
Software & Services
26
MAHARAJA SHREE UMAID MILLS LTD.

SERVICES CO. LTD.
JINCHENG PAPER CO. LTD.
LTD.
India

28
Public Utilities
29
30
31
Kazakhstan
32
MY NET FONE LTD.
Australia
33
UNILEVER INDONESIA TBK
Indonesia
34
PT WICAKSANA OVERSEAS
INTERNATIONAL TBK
Indonesia
Retailing
35
HA GIANG MINERAL MECHANICS JSC
Vietnam
Materials
36
SMN POWER HOLDING CO.

PAXYS INC.
HIRONIC CO. LTD.
KAZAKHTELECOM JSC
FORGAME HOLDINGS LTD.

UNILEVER PAKISTAN FOODS LTD.
KILITCH DRUGS (INDIA) LTD.
KOZA ALTIN ISLETMELERI ASMELERI
AS
Chinas Hong Kong
27
Oman
The Philippines
Korea, Republic of

Pakistan
India
Turkey
37
38

Sciences
39
Materials
40
65
Boao Forum for Asia

continued
Company Name
Economy
Industry
Ranking
PT HM SAMPOERNA TBK
Indonesia
41
CARSALES.COM LTD.
Australia
Software & Services
42
BEC WORLD PCL
Thailand
Media
43
44
Malaysia
Software & Services
45
GREE INC.
Japan
Software & Services
46
KANORIA CHEMICAL & INDUSTRIES

LTD.
India
Materials
47
Capital Goods
48
Retailing
49
Energy
50
ASMO CORP.
Japan
SILVERLAKE AXIS LTD.
SRIRACHA CONSTRUCTION PCL
Thailand
CARCHS HOLDINGS CO. LTD.
Japan
CHEVRON LUBRICANTS CO. LTD.
Sri Lanka
Table 6.5 Anti-Risk Capacity Ranking

Company Name
DDH CO. LTD.
CELL AQUACULTURE LTD.
TAT INDUSTRIES LTD.
Economy
Chinas Hong Kong
Chinas Taiwan
Australia
The Philippines
Israel
Industry
Ranking
Media
Capital Goods
Real Estate
Capital Goods
HYCOMM WIRELES LTD.
Chinas Hong Kong
Real Estate
FIRST MOBILE GROUP HOLDINGS LTD.
Chinas Hong Kong
REDHILL BIOPHARMA LTD.
Israel

Sciences
Turkey

LTD.
New Zealand
Consumer Services
10

PRINTING CO. LTD.

Chinas Hong Kong
11
Capital Goods
12
LEE HEDGES PLC
Sri Lanka
Real Estate
13

CO.
Vietnam
Energy
14
India

Clothing
15
India
Media
16
India
Materials
17
India
Capital Goods
18
66
Part Two
continued
Company Name
KARCE INTERNATIONAL HOLDINGS
CO. LTD.
PACIFIC EDGE LTD.
LTD.
ROADS LTD.
Economy
Chinas Hong Kong
India
Turkey
New Zealand
Chinas Hong Kong
Israel
Industry
Ranking
19
Retailing
20
21

Sciences
22
23
Real Estate
24
Chinas Hong Kong

Clothing
25
SING PAO MEDIA ENTERPRISES LTD.
Chinas Hong Kong
Media
26
Capital Goods
27

TECHNOLOGY CO. LTD.
AND SERVICE JSC
PTG ENERGY PCL
MINERALS CORP.
(MALAYA) BHD
India

Jordan
Vietnam
Chinas Hong Kong
Thailand
The Philippines
Malaysia
28
Real Estate
29
Energy
30

Equipment
31
Software & Services
32
Retailing
33
Energy
34
35
HENDERSON INVESTMENT LTD.
Chinas Hong Kong
Capital Goods
36
SNP GENETICS INC.
Korea, Republic of

Sciences
37
The Philippines
Real Estate
38
The Philippines
Real Estate
39
India

Clothing
40
GREENSTONE LTD.
Israel
41
Chinas Hong Kong
42
Consumer Services
43

AL FIRDOUS HOLDING PJSC
SINO GEOPHYSICAL CO. LTD.
44
67
Boao Forum for Asia

continued
Company Name
SUNITEE CHEMICALS LTD.
Economy
India
Industry
Capital Goods
Ranking
45
SHANGHAI ANOKY TEXTILE CHEM CO.

LTD.
46
HANOI FUEL AND PETROL JSC
Energy
47
Materials
48
KP CO. LTD.
Vietnam
Korea, Republic of

PCLUNICATIONS PCL
Thailand
Media
49
PETROLIMEX HANOI
TRANSPORTATION AND SERVICE JSC
Vietnam
Energy
50
6.3 2013 Rankings by Regions: Listed Asian Enterprises

Competitiveness (650)
Table 6.6 China, Chinas Taiwan and Chinas Hong Kong:
Listed Asian Enterprises Competitiveness
Company Name
Economy
Industry
Ranking
PETROCHINA CO. LTD.

CORP.
CHINA MOBILE LTD.

LTD.
Chinas Hong Kong

Chinas Taiwan
CNOOC LTD.

Chinas Hong Kong
Capital Goods
10
11
Chinas Hong Kong
12

Clothing
13

CORP. LTD.
14
Chinas Hong Kong
Capital Goods
15
Chinas Hong Kong
Energy
16
Chinas Hong Kong
17
68
Part Two
continued
Company Name
COMMUNICATIONS LTD.
Economy
Industry
Ranking
18
Chinas Hong Kong
Capital Goods
19
Chinas Hong Kong
Materials
20
21

PRINTING CO. LTD.
HYCOMM WIRELES LTD.
Chinas Hong Kong
Real Estate
22
Chinas Hong Kong
Software & Services
23
24
NOBLE GROUP LTD.
Chinas Hong Kong
Capital Goods
25
Chinas Hong Kong
Real Estate
26
Chinas Hong Kong
Real Estate
27
Chinas Taiwan
28
Chinas Hong Kong
Capital Goods
29
WHEELOCK & CO. LTD.
Chinas Hong Kong
Real Estate
30

Equipment
31
32
TAIWAN SEMICONDUCTOR
MANUFACTURING CO. LTD.
LTD.
WEIYE HOLDINGS LTD.
DDH CO. LTD.
TECHNOLOGY CO. LTD.
Chinas Taiwan
Chinas Hong Kong
33
Chinas Hong Kong
Media
34
Chinas Taiwan
Media
35
36
Chinas Hong Kong

Clothing
37
SWIRE PACIFIC LTD.
Chinas Hong Kong
Real Estate
38
39
40

LTD.
Chinas Hong Kong
41
42
HUANENG POWER INTERNATIONAL

INC.
43

SERVICES CO. LTD.
Chinas Taiwan
Software & Services
44
69
Boao Forum for Asia

continued
Company Name
Economy
Industry
Ranking
HENDERSON LAND DEVELOPMENT

CO. LTD.
Chinas Hong Kong
Real Estate
45

LTD.
Chinas Hong Kong
46
47
Chinas Hong Kong

Clothing
48
Chinas Hong Kong
Real Estate
49

Equipment
50
Table 6.7 China-Japan-Korea: Listed Asian Enterprises Competitiveness

Company Name
PETROCHINA CO. LTD.
TOYOTA MOTOR
CORP.
Economy
Industry

Korea, Republic of
Japan
Ranking
1

Equipment

CORP.
Japan
Japan
Japan
MITSUBISHI CORP.
Japan
Capital Goods
HITACHI LTD.
Japan
10
HYUNDAI MOTOR CO.
Korea, Republic of
JX HOLDINGS, INC.
Japan
Energy
11
NTT DOCOMO INC.
Japan
12
MITSUI & CO. LTD.
Japan
Capital Goods
13
CNOOC LTD.

Capital Goods
15

16
17
SONY CORP.
70
Korea, Republic of
14
Japan
Korea, Republic of

Clothing
18
Public Utilities
19
20
Part Two
continued
Company Name
POSCO
ITOCHU CORP.
Economy
Industry

Korea, Republic of
Materials

Japan
Ranking
21
22
23
Capital Goods
24

Clothing
25
Japan
Public Utilities
26
SUMITOMO CORP.
Japan
Capital Goods
27
28

CORP. LTD.
TOSHIBA CORP.
Japan
Capital Goods
29
TECNOS JAPAN INC.
Japan
Software & Services
30

COMMUNICATIONS LTD.
31
Japan
Transportation
32
SOFTBANK CORP.
Japan
33

CORP.
Japan
Materials
34
KDDI CORP.
Japan
35

PRINTING CO. LTD.
36
MARUBENI CORP.
Japan
Capital Goods
37
CANON INC.
Japan
38
39
Japan
40
AEON CO. LTD.
Japan
41
TOYOTA TSUSHO CORP.
Japan
Capital Goods
42
Korea, Republic of
Energy
43
KIA MOTORS CORP.
Korea, Republic of
44
Korea, Republic of
Capital Goods
45
DENSO CORP.
Japan
46
JAPAN TOBACCO INC.
Japan
47
Japan
Transportation
48
MITSUB ELECTRIC CORP.
Japan
Capital Goods
49
WEIYE HOLDINGS LTD.
50
71
Boao Forum for Asia

Table 6.8 ASEAN: Listed Asian Enterprises Competitiveness

Company Name
PTT PCL
Economy
Thailand
The Philippines
Singapore
Industry
Ranking
Energy
Real Estate
Energy
CI HOLDINGS BHD
Malaysia

CO.
Vietnam
Energy
Singapore
Indonesia
Real Estate
STARHUB LTD.
Singapore
Singapore
CATCHA MEDIA BHD
Malaysia
Software & Services
10
Indonesia
11

AND SERVICE JSC
Vietnam
Energy
12
Transportation
13
Thailand
Retailing
14
Singapore
Retailing
15
Public Utilities
16
Energy
17
Capital Goods
18
Software & Services
19

PTG ENERGY PCL
TENAGA NASIONAL BHD
MINERALS CORP.
KEPPEL CORP. LTD.
Singapore
Malaysia
The Philippines
Singapore
Malaysia
PAXYS INC.
The Philippines
20
SAN MIGUEL CORP.
The Philippines
Capital Goods
21
Materials
22
Thailand
The Philippines
Real Estate
23
The Philippines
Real Estate
24
FLC GROUP JSC
Vietnam
Real Estate
25
PTT EXPLORATION AND PRODUCTION

PCL
Thailand
Energy
26

PCLUNICATIONS PCL
Thailand
Media
27
MONO TECHNOLOGY PCL
Thailand
Software & Services
28
GENTING BHD
Malaysia
Consumer Services
29
Real Estate
30
CAPITALAND LTD.
72
Singapore
Part Two
continued
Company Name
Economy
Industry
Ranking
SIME DARBY BHD
Malaysia
Capital Goods
31

(MALAYA) BHD
Malaysia
32

Malaysia
33
Thailand
Consumer Services
34
Thailand
35
TRIPLC BHD
Malaysia
Real Estate
36
POLARIS LTD.
Singapore
37
THAI BEVERAGE PCL
Thailand
38
PT HM SAMPOERNA TBK
Indonesia
39
SIAM CEMENT PCL
Thailand
Materials
40
PETROLIMEX HANOI
TRANSPORTATION AND SERVICE JSC
Vietnam
Energy
41
PT TELEKOMUNIKASI INDONESIA TBK
Indonesia
42
PT TANAH LAUT TBK
Indonesia
Transportation
43
ADVANCED INFO SERVICE PLC
Thailand
44
HANOI FUEL AND PETROL JSC
Vietnam
Energy
45
Indonesia
46
CHINA AVIATION OIL (SINGAPORE)

CORP. LTD.
Singapore
Energy
47
YTL LAND & DEVELOPMENT BHD
Malaysia
Real Estate
48
GARDA TUJUH BUANA TBK PT
Indonesia
Energy
49
SUSCO PCL
Thailand
Energy
50
Table 6.9 South and Southeast Asia: Listed Asian Enterprises Competitiveness
Company Name
PTT PCL
INDIAN OIL CORP.
Economy
Industry
Ranking
India
Energy
Thailand
Energy
Real Estate
India
Energy
Singapore
Energy
India
Energy
The Philippines
CI HOLDINGS BHD
Malaysia
LEE HEDGES PLC
Sri Lanka
Real Estate
73
Boao Forum for Asia

continued
Company Name
Economy

CO.
Vietnam
Singapore
India
Indonesia
Industry
Ranking
Energy
10
Capital Goods
11
Real Estate
12
India
Media
13
India
Materials
14
India
Capital Goods
15
Singapore
16
India
17
Capital Goods
18
Retailing
19
20
STARHUB LTD.
TATA MOTORS LTD.
Sri Lanka
India
Singapore
India
21
India

Clothing
22
India

Clothing
23
Software & Services
24
CATCHA MEDIA BHD
Malaysia
India
25
NTPC LTD.
India
Public Utilities
26
TATA STEEL LTD.
India
Materials
27
India
Energy
28
India
Capital Goods
29
India
30
Indonesia
31

AND SERVICE JSC
Vietnam
Energy
32
33
Transportation
34

Clothing
35
Retailing
36
BHARTI AIRTEL LTD.

JINDAL PHOTO LTD.
PTG ENERGY PCL
India
Singapore
India
Thailand
India
Energy
37
COAL INDIA LTD.
India
Energy
38
Retailing
39
Public Utilities
40

TENAGA NASIONAL BHD
74
Singapore
Malaysia
Part Two
continued
Company Name
MINERALS CORP.
KEPPEL CORP. LTD.
Economy
The Philippines
Singapore
Malaysia
Industry
Ranking
Energy
41
Capital Goods
42
Software & Services
43
PAXYS INC.
The Philippines
44
SAN MIGUEL CORP.
The Philippines
Capital Goods
45
Materials
46
Thailand
The Philippines
Real Estate
47
The Philippines
Real Estate
48
India

Clothing
49
Real Estate
50
FLC GROUP JSC
Vietnam
Table 6.10 Central and West Asia: Listed Asian Enterprises Competitiveness
Company Name
Economy
Saudi Arabia
Industry
Ranking
Materials
Israel
Real Estate

A.
Turkey
POLISAN HOLDING AS
Turkey
Materials
Turkey
TAT INDUSTRIES LTD.
Israel
Capital Goods
Turkey
Capital Goods
Turkey
TEVA PHARMACEUTICAL INDUSTRIES

LTD.
Israel

Sciences
Turkey
10
KOC HOLDINGS AS
Turkey
Capital Goods
11
Saudi Arabia
Public Utilities
12
Real Estate
13
14

ROADS LTD.
SAUDI TELECOM CO.
Israel
Saudi Arabia

Jordan
Real Estate
15
ELEKTROIZOLITI
Georgia
Materials
16
TURKISH PETROLEUM REFINERIES CO.
Turkey
Energy
17
Kuwait
Real Estate
18
75
Boao Forum for Asia

continued
Company Name
Economy
Industry
Ranking
INDUSTRIES QATAR QSC
Qatar
Capital Goods
19
DELEK GROUP LTD.
Israel
Energy
20
OOREDOO QSC
Qatar
21
IS YATIRIM MENKUL DEGERLER AS
Turkey
22
TRAIDING HOUSE
Georgia
23
TURKISH AIRLINES INC.
Turkey
Transportation
24
TURK TELEKOMUNIKASYON AS
Turkey
25
GREENSTONE LTD.
Israel
26
27
Public Utilities
28
Saudi Arabia
Energy
29
NATIONAL GAS CO. SAOG
Oman
Energy
30
KOZA ALTIN ISLETMELERI AS
Turkey
Materials
31
DOGUS REAL ESTATE INVESTMENT

AND MANAGEMENT CO.
Turkey
Real Estate
32
ISRAEL CHEMICALS LTD.
Israel
Materials
33
TURKCELL ILETISIM HIZMETLERI AS
Turkey
34
Materials
35

Sciences
36
Materials
37
38
Capital Goods
39
ETIHAD EMIRATES
TELECOMMUNICATIONS CORP.
SMN POWER HOLDING CO.
RABIGH REFINING AND
PETROCHEMICAL CO.
SAUDI ARABIAN MINING CO.

BIO LIGHT ISRAELI LIFE SCIENCES
INVESTMENTS LTD.
SAUDI ARABIAN FE
BIM BIRLESIK MAGAZALAR AS
SAUDI NETWORK INFORMATION
CENTER
Saudi Arabia
Oman
Saudi Arabia
Israel
Saudi Arabia
Turkey
Saudi Arabia
NADLANS LTD.
Israel
Real Estate
40
FINANS FIN KIRALA CO.
Turkey
41
MOBILE TELECOMMUNICATIONS CO.
Kuwait
42
SAUDI KAYAN PETROCHEMICAL CO.
Saudi Arabia
Materials
43
Capital Goods
44
Materials
45
Consumer Services
46
47
ECZACIBASI YATIRIM HOLDING

ORTAKLIGI AS
CITY CEMENT CO.
UBAR HOTELS & RESORTS SAOG
THE SAVOLA GROUP
76
Turkey
Saudi Arabia
Oman
Saudi Arabia
Part Two
continued
Company Name
Economy
Industry
Ranking
ANADOLU EFES BIRACILIK VE MALT

SAN AS
Turkey
Food, Beverage & Tobacco
48
KOZA ANADOLU METAL MADENCILIK

ISLETMELERI AS
Turkey
Materials
49
ENKA CONSTRUCTION & INDUSTRY

CO. INC.
Turkey
Capital Goods
50
Table 6.11 Australia and New Zealand: Listed Asian Enterprises Competitiveness
Company Name
Economy
Industry
Ranking
BHP BILLITON LTD.
Australia
Materials
WESFARMERS LTD.
Australia
Consumer Services

LTD.
New Zealand
WOOLWORTHS LTD.
Australia
Australia
Materials
TELSTRA CORP.
Australia
Australia
Energy

Sciences
PACIFIC EDGE LTD.
New Zealand
ORIGIN ENERGY LTD.
Australia
Energy
AEON METALS LTD.
Australia
Materials
10
Australia
Materials
11
BC IRON LTD.
Australia
Materials
12
MY NET FONE LTD.
Australia
13
NEWCREST MINING LTD.
Australia
Materials
14
FORTESCUE METALS GROUP LTD.
Australia
Materials
15
Australia
Energy
16
17
FONTERRA SHAREHOLDERS FUND
New Zealand
SEALINK TRAVEL GROUP LTD.
Australia
Consumer Services
18
CIVMEC LTD.
Australia
Capital Goods
19
SILVER CHEF LTD.
Australia
Capital Goods
20
KBL MINING LTD.
Australia
Materials
21
REGIS RESOURCES LTD.
Australia
Materials
22
COLLINS FOODS LTD.
Australia
Consumer Services
23
AMCOR LTD.
Australia
Materials
24
77
Boao Forum for Asia

continued
Company Name
Economy
Industry
Ranking
RESOURCE DEVELOPMENT GROUP

LTD.
Australia
25
SANTOS LTD.
Australia
Energy
26
AGL ENERGY LTD.
Australia
Public Utilities
27
CAREERS MULTILIST LTD.
Australia
28
KANGAROO RESOURCES LTD.
Australia
Materials
29
LEND LEASE CORP. LTD.
Australia
Real Estate
30
CROWN RESORTS LTD.
Australia
Consumer Services
31
MAGONTEC LTD.
Australia
Materials
32
ECOSAVE HOLDINGS LTD.
Australia
33
TABCORP HOLDINGS LTD.
Australia
Consumer Services
34
BRAMBLES LTD.
Australia
35
CSL LTD.
Australia

Sciences
36
HUGHES DRILLING LTD.
Australia
Capital Goods
37
METCASH LTD.
Australia
38
39
TELECOM CORP. OF NEW ZEALAND

LTD.
New Zealand
AURORA OIL & GAS LTD.
Australia
Energy
40
AURIZON HOLDINGS LTD.
Australia
Transportation
41
ENERGY ACTION LTD.
Australia
42
ASCIANO LTD.
Australia
Transportation
43
AINSWORTH GAME TECHNOLOGY

LTD.
Australia
Consumer Services
44
45
PHARMACYBRANDS LTD.
New Zealand
SP AUSTRALIA NETWORKS
(DISTRIBUTION) LTD.
Australia
Public Utilities
46
ORICA LTD.
Australia
Materials
47
CAPITOL HEALTH LTD.
Australia
48
IINET LTD.
Australia
49
VIENTO GROUP LTD.
Australia
Capital Goods
50
78
Part Two
6.4 2013 Rankings by Industries: Listed Asian Enterprises (NonFinancial) Competitiveness (2220)
Table 6.12 Public Utilities: Listed Enterprises Competitiveness Ranking
Company Name
Economy
Ranking
Korea, Republic of
Japan
Saudi Arabia
Korea, Republic of
India
Japan
Malaysia
Japan
10
Chinas Hong Kong
11
GD POWER DEVELOPMENT CO. LTD.
12
TOHOKU ELECTRIC POWER CO. INC.
Japan
13
14
Japan
15
Chinas Hong Kong
16
Japan
17
18
19
India
20

KOREA GAS CORP.
HUANENG POWER INTERNATIONAL INC.
NTPC LTD.
DATANG INTERNATIONAL POWER GENERATION CO. LTD.
TOKYO GAS CO. LTD.
TENAGA NASIONAL BHD
CHUGOKU ELECTRIC POWER CO. INC.
CLP HOLDINGS LTD.
CHINA YANGTZE POWER CO. LTD.

OSAKA GAS CO. LTD.
CHINA RESOURCES POWER HOLDINGS CO. LTD.
ELECTRIC POWER DEVELOPMENT CO. LTD.
ABU DHABI NATIONAL ENERGY CO.
HUADIAN POWER INTERNATIONAL CORP. LTD.
GAIL (INDIA) LTD.
Table 6.13 Transportation: Listed Enterprises Competitiveness Ranking

Company Name
Economy
Ranking
Japan
Japan
Singapore
WEST JAPAN RAILWAY CO.
Japan
AIR CHINA LTD.
MTR CORP. LTD.
Chinas Hong Kong
ANA HOLDINGS INC.
Japan
TOKYU CORP.
Japan
DAQIN RAILWAY CO. LTD.
79
Boao Forum for Asia

continued
Company Name
Economy
Ranking
10
NIPPON EXPRESS CO. LTD.
Japan
11
HANKYU HANSHIN HOLDINGS INC.
Japan
12
TURKISH AIRLINES INC.
Turkey
13
KINTETSU CORP.
Japan
14
Indonesia
15
Chinas Hong Kong
16
17
Singapore
18
Chinas Hong Kong
19
Japan
20
CHINA SOUTHERN AIRLINES CO. LTD.
PT TANAH LAUT TBK

CATHAY PACIFIC AIRWAYS LTD.
CHINA COSCO HOLDINGS CO. LTD.
SINGAPORE AIRLINES LTD.
CHINA RESOURCES AND TRANSPORTATION GROUP LTD.
TOBU RAILWAY CO. LTD.
Table 6.14 Telecommunication Services: Listed Enterprises Competitiveness Ranking

Company Name
Economy
Ranking
Japan
CHINA MOBILE LTD.
Chinas Hong Kong
NTT DOCOMO INC.
Japan
Chinas Hong Kong
SOFTBANK CORP.
Japan
KDDI CORP.
Japan
TELSTRA CORP.
Australia
STARHUB LTD.
Singapore
10
Singapore
11
Korea, Republic of
12
SAUDI TELECOM CO.
Saudi Arabia
13
BHARTI AIRTEL LTD.
India
14
Korea, Republic of
15
Australia
16
17
Qatar
18
Chinas Taiwan
19
Singapore
20
NIPPON TELEGRAPH & TELEPHONE CORP.

CHINA UNITED NETWORK COMMUNICATIONS LTD.
KT CORP.
SK TELECOM CO. LTD.

MY NET FONE LTD.
EMIRATES TELECOMMUNICATIONS CORP.
OOREDOO QSC
CHUNGHWA TELECOM CO. LTD.
POLARIS LTD.
80
Part Two
Table 6.15 Technology Hardware and Equipment:

Listed Enterprises Competitiveness Ranking
Company Name
Economy
Ranking
Japan
Chinas Taiwan
Chinas Hong Kong
Japan
Chinas Taiwan
Chinas Hong Kong
FUJIFILM HOLDING CORP.
Japan
India
Chinas Taiwan
NEC CORP.
Japan
10
KYOCERA CORP.
Japan
11
12
Chinas Taiwan
13
NIPPON PRIMEX INC.
Japan
14
LENOVO GROUP LTD.
15
Chinas Taiwan
16
17
ASSOC INDS CHINA
Chinas Taiwan
18
COMPAL ELECTRONICS INC.
Chinas Taiwan
19
WISTRON CORP.
Chinas Taiwan
20
HITACHI LTD.
HON HAI PRECISION INDUSTRY CO. LTD.
CANON INC.
ARTEL SOLUTIONS GROUP HOLDINGS LTD.
QUANTA COMPUTER INC.
SHIJIAZHUANG BAOSHI ELECTRONIC GLASS CO. LTD.

PEGATRON CORP.
KMC (KUEI MENG) INTERNATIONAL INC.

HANGZHOU EVERFINE PHOTO-E-INFO CO. LTD.
Table 6.16 Software and Services: Listed Enterprises Competitiveness Ranking

Company Name
Economy
Ranking
Japan
Chinas Hong Kong
Japan
Malaysia
Chinas Taiwan
Japan
Malaysia
MONO TECHNOLOGY PCL
Thailand
TECNOS JAPAN INC.

FUJITSU LTD.
LONGMASTER INFORMATION & TECHNOLOGY CO. LTD.
CATCHA MEDIA BHD
CHINA COMMUNICATION TELECOM SERVICES
81
Boao Forum for Asia

continued
Company Name
Economy
Ranking
MARVELOUS AQL INC.
Japan
10
TATA CONSULTANCY SERVICES LTD.
India
11
Chinas Hong Kong
12
TENCENT HOLDINGS LTD.
13
CHINA CITY RAILWAY TRANSPORTATION TECHNOLOGY

HOLDINGS CO. LTD.
14
OURPALM CO. LTD.
15
Chinas Hong Kong
16
NTT DATA CORP.
Japan
17
GREE INC.
Japan
18
INFOSYS LTD.
India
19
20
COMPUTECH HOLDINGS LTD.
EVERYDAY NETWORK CO. LTD.
Table 6.17 Semiconductors and Semiconductor Equipment:

Company Name
Economy
Ranking
Korea, Republic of
Chinas Taiwan
PLA CO. LTD.
Korea, Republic of
SK HYNIX INC.
Korea, Republic of
TOKYO ELECTRON LTD.
Japan
DIGITAL MEDIA PROFESSIONALS INC.
Japan
URJA GLOBAL LTD.
India
ADVANCED SEMICONDUCTOR ENGINEERING INC.
Chinas Taiwan
HERMES MICROVISION INC.
Chinas Taiwan
10
PARADE TECHNOLOGIES LTD.
Chinas Taiwan
11
MEDIATEK INC.
Chinas Taiwan
12

TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
ZHUHAI ORBITA CONTROL ENGINEERING CO. LTD.
13
UNITED MICROELECTRONICS CORP.
Chinas Taiwan
14
CAPELLA MICROSYSTEMS INC.
Chinas Taiwan
15
EUGENE TECHNOLOGY CO. LTD.
Korea, Republic of
16
17
Chinas Taiwan
18
EZCHIP SEMICONDUCTOR LTD.
Israel
19
VIATRON TECHNOLOGIES INC.
Korea, Republic of
20
ZHEJIANG JINGSHENG MECHANICAL & ELECTRICAL CO.

LTD.
ONANO INDUSTRIAL CORP.
82
Part Two
Table 6.18 Retailing: Listed Enterprises Competitiveness Ranking

Company Name
Economy
Ranking
India
LOTTE SHOPPING CO. LTD.
Korea, Republic of
Thailand
Singapore
YAMADA DENKI CO. LTD.
Japan
India
ISETAN MITSUKOSHI HOLDINGS LTD.
Japan
Indonesia
Chinas Hong Kong
10
FAST RETAILING CO. LTD.
Japan
11
J FRONT RETAILING CO. LTD.
Japan
12
ELECTRONIC CITY INDONESIA TBK
Indonesia
13
PT MITRA PINASTHIKA MUSTIKA TBK
Indonesia
14
BEAUTY COMMUNITY PCL
Thailand
15
CARCHS HOLDINGS CO. LTD.
Japan
16
IZUMI CO. LTD.
Japan
17
FUJI CO. LTD.
Japan
18
KS HOLDINGS CORP.
Japan
19
PARCO CO. LTD.
Japan
20
PTG ENERGY PCL

PT WICAKSANA OVERSEAS INTERNATIONAL TBK

SUNING COMMERCE GROUP CO. LTD.
CHOW TAI FOOK JEWELLERY GROUP LTD.
Table 6.19 Real Estate: Listed Enterprises Competitiveness Ranking

Company Name
Economy
Ranking
Israel
The Philippines
HYCOMM WIRELES LTD.
Chinas Hong Kong
Chinas Hong Kong
Chinas Hong Kong
WHEELOCK & CO.
Chinas Hong Kong
LEE HEDGES PLC
Sri Lanka
Indonesia
Chinas Hong Kong
10

WEIYE HOLDINGS LTD.

SWIRE PACIFIC LTD.
83
Boao Forum for Asia

continued
Company Name
Economy
Ranking
11
BIRI BARASHI LAND WORKS, DEVELOPMENT,

INFRASTRUCTURE & ROADS LTD.
Israel
12
MITSUBISHI ESTATE CO. LTD.
Japan
13
MITSUI FUDOSAN CO. LTD.
Japan
14
HENDERSON LAND DEVELOPMENT CO. LTD.
Chinas Hong Kong
15
Chinas Hong Kong
16
Jordan
17
HONGKONG LAND CO. LTD.
Chinas Hong Kong
18
CHINA OVERSEAS LAND & INVESTMENT LTD.
Chinas Hong Kong
19
20
AL SHAMEKHA REAL ESTATE AND FINANCIAL INVESTMENTS CO.
POLY REAL ESTATE GROUP CO. LTD.
Table 6.20 Pharmaceuticals, Biotechnology and Life Sciences:

Company Name
Economy
Ranking
TEVA PHARMACEUTICAL INDUSTRIES LTD.
Israel
TAKEDA PHARMACEUTICAL CO. LTD.
Japan
New Zealand
Japan
ORIENTAL UNICORN AGRICULTURAL GROUP LTD.
Chinas Hong Kong
SNP GENETICS INC.
Korea, Republic of
CSPC PHARMACEUTICAL GROUP LTD.
Chinas Hong Kong
Japan
SHENZHEN HEPALINK PHARMACEUTICAL CO. LTD.
HANGZHOU TIGERMED CONSULTING CO. LTD.
10
HAINAN SHUANGCHENG PHARMACEUTICALS CO. LTD.
11
Japan
12
13
NANOCARRIER CO. LTD.
Japan
14
BIO LIGHT ISRAELI LIFE SCIENCES INVESTMENTS LTD.
Israel
15
EISAI CO. LTD.
Japan
16
JB CHEMICALS & PHARMACEUTICALS LTD.
India
17
Australia
18
19
Japan
20
PACIFIC EDGE LTD.

OTSUKA HOLDINGS CO. LTD.
ASTELLAS PHARMA INC.
DAIICHI SANKYO CO. LTD.

JIANGXI BOYA BIO-PHARMACEUTICAL CO. LTD.
CSL LTD.
CHANGZHOU QIANHONG BIO-PHARMA CO. LTD.
MITSUBISHI TANABE PHARMA CORP.
84
Part Two
Table 6.21 Media: Listed Enterprises Competitiveness Ranking

Company Name
Economy
Ranking
Chinas Hong Kong
Chinas Taiwan
India
Thailand
Japan
Chinas Hong Kong
PICTUREHOUSE MEDIA LTD.
India
FUJI MEDIA HOLDINGS INC.
Japan
EBOOK INITIATIVE JAPAN CO. LTD.
Japan
10
TOKYO BROADCASTING SYSTEM HOLDINGS INC.
Japan
11
ASTRO MALAYSIA HOLDINGS
Malaysia
12
ELANG MAHKOTA TEKNOLOGI TBK
Indonesia
13
BEC WORLD PCL
Thailand
14
SEVEN WEST MEDIA LTD.
Australia
15
ASIA JOINT PANORAMA PUBLIC CO. LTD.
Thailand
16
17
HAKUHODO DY HOLDINGS INC.
Japan
18
INOX LEISURE LTD.
India
19
TOHO CO. LTD.
Japan
20

DDH CO. LTD.
TONG HUA COMMUNICATIONS PCLUNICATIONS PCL
DENTSU INC.
WONDERFUL SKY FINANCIAL GROUP HOLDINGS LTD.
HUNAN TV & BROADCAST INTERMEDIARY CO. LTD.
BEIJING HUALU BAINA FILM & TV INC.
Table 6.22 Materials: Listed Enterprises Competitiveness Ranking

Company Name
BHP BILLITON LTD.
POSCO
POLISAN HOLDING AS
NIPPON STEEL & SUMITOMO METAL CORP.
XIAMEN HEXING PACKAGING PRINTING CO. LTD.
Economy
Ranking
Australia
Saudi Arabia
Korea, Republic of
Turkey
Chinas Hong Kong
Japan
Australia
India
10
85
Boao Forum for Asia

continued
Company Name
Economy
Ranking
MITSUBISHI CHEMICAL HOLDINGS CORP.
Japan
11
TATA STEEL LTD.
India
12
Australia
13
Japan
14
Australia
15
Korea, Republic of
16
SHIN-ETSU CHEM CO. LTD.
Japan
17
SUMITOMO CHEMICAL CO. LTD.
Japan
18
BC IRON LTD.
Australia
19
Thailand
20
AEON METALS LTD.

GEOSTR CORP.
LG CHEM LTD.
Table 6.23 Household and Personal Products: Listed Enterprises

Competitiveness Ranking
Company Name
Economy
Ranking
Japan
Indonesia
Chinas Hong Kong
HINDUSTAN UNILEVER LTD.
India
PARIKH HERBALS LTD.
India
SHISEIDO CO. LTD.
Japan
Korea, Republic of
Japan
Bangladesh
HENGAN INTERNATIONAL GROUP CO. LTD.
10
CHINA KING-HIGHWAY HOLDINGS LTD.
11
GODREJ CONSUMER PRODUCTS LTD.
India
12
COLGATE PALMOLIVE (PAKISTAN) LTD.
Pakistan
13
Korea, Republic of
14
India
15
16
Korea, Republic of
17
Sri Lanka
18
India
19
Australia
20
KAO CORP.
JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD.
LG HOUSEHOLD & HEALTH CARE LTD.

UNICHARM CORP.
KOHINOOR CHEMICAL CO. (BD) LTD.
AMOREPACIFIC CORP.
DABUR INDIA LTD.
PRINCE FROG INTERNATIONAL HOLDINGS LTD.
AMOREPACIFIC GROUP
SWADESHI INDUSTRIES & LEASING LTD.
MARICO LTD.
BLACKMORES LTD.
86
Part Two
Table 6.24 Health Care Equipment and Services: Listed Enterprises

Company Name
Economy
Ranking
Japan
Chinas Hong Kong
Japan
Singapore
Japan
E-CHANNELLING LTD.
Sri Lanka
CAPITOL HEALTH LTD.
Australia
10
11
Japan
12
IHH HEALTHCARE BHD
Malaysia
13
GREENCROSS LTD.
Australia
14
15
Australia
16
17
TOHO HOLDINGS CO. LTD.
Japan
18
RAMSAY HEALTH CARE LTD.
Australia
19
PC PHARMA PLC
Sri Lanka
20
MEDIPAL HOLDINGS CORP.

SINOPHARM GROUP CO. LTD.
ALFRESA HOLDINGS CORP.
SHANGHAI KINET MEDICAL CO. LTD.
BIOSENSORS INTERNATIONAL LTD.
SUZUKEN CO. LTD.
SINOCARE INC.
SHANGHAI PHARMACEUTICALS HOLDINGS CO. LTD.

TERUMO CORP.
BEIJING BOHUI INNOVATION TECHNOLOGY CO. LTD.

SONIC HEALTHCARE LTD.
NINGBO DAVID MEDICAL DEVICE CO. LTD.
Table 6.25 Food, Beverage and Tobacco: Listed Enterprises Competitiveness Ranking
Company Name
Economy
Ranking
Malaysia
Chinas Hong Kong
Japan
Singapore
KIRIN HOLDINGS CO. LTD.
Japan
ASAHI GROUP HOLDINGS LTD.
Japan
Bangladesh
India
Malaysia
CI HOLDINGS BHD
FIRST NATURAL FOODS HOLDINGS LTD.
JAPAN TOBACCO INC.
GEMINI SEA FOOD LTD.

UMANG DAIRIES LTD.
SUNGEI BAGAN RUBBER COMPANY (MALAYA) BHD
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continued
Company Name
Economy
Ranking
BRITISH AMERICAN TOBACCO MALAYSIA INDUSTRIES BHD
Malaysia
10
India
11
Thailand
12
Chinas Hong Kong
13
THAI BEVERAGE PCL
Thailand
14
PT HM SAMPOERNA TBK
Indonesia
15
16
Japan
17
Chinas Taiwan
18
Sri Lanka
19
Japan
20
PERIA KARAMALAI TEA & PRODUCE CO. LTD.

ASIAN CITRUS HOLDINGS LTD.
KWEICHOW MOUTAI CO. LTD.

AJINOMOTO CO. INC.
UNI-PRESIDENT ENTERPRISES CORP.
CEYLON TOBACCO CO. PLC
SUNTORY FOOD BEVERAGE & FOOD LTD.
Table 6.26 Food and Staples Retailing: Listed Enterprises Competitiveness Ranking
Company Name
Economy
Ranking
Australia
Japan
AEON CO. LTD.
Japan
Australia
Korea, Republic of
Singapore
HALOWS CO. LTD.
Japan
DAIICHI CO. LTD.
Japan
UNY GROUP HOLDINGS LTD.
Japan
ASMO CORP.
Japan
10
YAOKO CO. LTD.
Japan
11
Chinas Hong Kong
12
ARCS CO. LTD.
Japan
13
BIM BIRLESIK MAGAZALAR AS
Turkey
14
Australia
15
MARUKYU CO. LTD.
Japan
16
MARUYOSHI CENTER INC.
Japan
17
MARUETSU INC.
Japan
18
BELC CO. LTD.
Japan
19
New Zealand
20
WESFARMERS LTD.
WOOLWORTHS LTD.
E-MART CO. LTD.
OLAM INTERNATION LTD.
DAIRY FARM INTERNATIONAL HOLDINGS LTD.
METCASH LTD.
PHARMACYBRANDS LTD.
88
Part Two
Table 6.27 Energy: Listed Enterprises Competitiveness Ranking

Company Name
Economy
Ranking
PETROCHINA CO. LTD.
CHINA PETROLEUM & CHEMICAL CORP.
Japan
CNOOC LTD.
India
Thailand
Chinas Hong Kong
India
Singapore
10
India
11
Korea, Republic of
12
Vietnam
13
IDEMITSU KOSAN CO. LTD.
Japan
14
INPEX CORP.
Japan
15
16
India
17
Australia
18
ORIGIN ENERGY LTD.
Australia
19
India
20
JX HOLDINGS, INC.

PTT PCL
INDIAN OIL CORP.
VUNG ANG PETROLEUM JOINT STOCK CO.

Table 6.28 Diversified Financials: Listed Enterprises Competitiveness Ranking

Company Name
Economy
Ranking
AVRASYA GAYRIMEN YAT. ORT.
Turkey
Turkey
Turkey
India
Chinas Hong Kong
IS YATIRIM MENKUL DEGERLER AS
Turkey
FONTERRA SHAREHOLDERS FUND
New Zealand
FIRST PACIFIC CO. LTD.
Chinas Hong Kong
FINANS FIN KIRALA CO.
Turkey
Singapore
10
CHINA NEW ENERGY POWER GROUP LTD.
PACIFIC CENTURY REGIONAL DEVELOPMENTS LTD.
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continued
Company Name
Economy
Ranking
Chinas Hong Kong
11
India
12
The Philippines
13
CONSOLIDATED FINVEST & HOLDINGS LTD.
India
14
NCL RESEARCH & FINANCIAL SERVICES LTD.
India
15
SBI HOLDINGS INC.
Japan
16
Saudi Arabia
17
The Philippines
18
Chinas Hong Kong
19
20
PYXIS GROUP LTD.

EURO FINMART LTD.
AYALA CORP.
KINGDOM HOLDING CO.

GT CAPITAL HOLDINGS INC.
GREATERCHINA PROFESSIONAL SERVICES LTD.
AVIC CAPITAL CO. LTD.
Table 6.29 Consumer Services: Listed Enterprises Competitiveness Ranking

Company Name
Economy
Ranking
New Zealand
GENTING BHD
Malaysia
Thailand
Chinas Hong Kong
HONG KONG EDUCATION (INTL) INVESTMENT LTD.
Chinas Hong Kong
CENTURY CITY INTERNATIONAL HOLDINGS LTD.
Chinas Hong Kong
Australia
Chinas Hong Kong
COLLINS FOODS LTD.
Australia
10
HOT POT PCL
Thailand
11
BERJAYA SPORTS TOTO BHD
Malaysia
12
CROWN RESORTS LTD.
Australia
13
SARA VIETNAM JSC
Vietnam
14
TABCORP HOLDINGS LTD.
Australia
15
Japan
16
Australia
17
Singapore
18
19
Chinas Hong Kong
20
RESTAURANT BRANDS NEW ZEALAND LTD.
PALIBURG HOLDINGS LTD.

AL FIRDOUS HOLDING PJSC
SEALINK TRAVEL GROUP LTD.

SANDS CHINA LTD.
ZENSHO HOLDINGS CO. LTD.

AINSWORTH GAME TECHNOLOGY LTD.
GENTING SINGAPOR PLC
SHENZHEN OVERSEAS CHINESE TOWN CO. LTD.
SJM HOLDINGS LTD.
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Part Two
Table 6.30 Consumer Durables, Apparel and Clothing: Listed Enterprises

Company Name
Economy
Ranking
Japan
Chinas Hong Kong
India
Chinas Hong Kong
JINDAL PHOTO LTD.
India
India
S R K INDUSTRIES LTD.
India
SEKISUI HOUSE LTD.
Japan
GREE ELECTRIC APPLIANCES INC. OF ZHUHAI
10
MEISHENG CULTURAL & CREATIVE CORP. LTD.
11
Chinas Hong Kong
12
India
13
LARRY JEWELRY INTERNATIONAL CO. LTD.
Chinas Hong Kong
14
COSON CO. LTD.
Korea, Republic of
15
MAHARAJA SHREE UMAID MILLS LTD.
India
16
NIKON CORP.
Japan
17
18
Japan
19
Chinas Taiwan
20
SONY CORP.

LI & FUNG LTD.

VANDANA KNITWEAR LTD.
CHINA TAIFENG BEDDING HOLDINGS LTD.

SEKISUI CHEMICAL CO. LTD.
POU CHEN CORP.
Table 6.31 Commercial and Professional Services: Listed

Enterprises Competitiveness Ranking
Company Name
Economy
Ranking
Turkey
The Philippines
JIBANNET CO. LTD.
Japan
TOPPAN PRINTING CO. LTD.
Japan
TRAIDING HOUSE
Georgia
GREENSTONE LTD.
Israel
Chinas Hong Kong
RESOURCE DEVELOPMENT GROUP LTD.
Australia
CAREERS MULTILIST LTD.
Australia
SERVE KIRTASYE SANAY VE TCARET A.

PAXYS INC.
HUA LIEN INTERNATIONAL (HOLDING) CO. LTD.
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continued
Company Name
Economy
Ranking
Japan
10
ECOSAVE HOLDINGS LTD.
Australia
11
BRAMBLES LTD.
Australia
12
Singapore
13
14
Singapore
15
ENERGY ACTION LTD.
Australia
16
CHANDLER MACLEOD GROUP LTD.
Australia
17
Chinas Hong Kong
18
Japan
19
Saudi Arabia
20
SECOM CO. LTD.
NEO GROUP LTD.

PUBANG LANDSCAPE ARCHITECTURE CO. LTD.
BLUMONT GROUP LTD.
INTERNATIONAL ELITE LTD.

NIPPON MANUFACTURING SERVICE CO. LTD.
JARIR MARKETING CO.
Table 6.32 Capital Goods: Listed Enterprises Competitiveness Ranking

Company Name
Economy
Ranking
MITSUBISHI CORP.
Japan
MITSUI & CO. LTD.
Japan
Korea, Republic of
Chinas Hong Kong
ITOCHU CORP.
Japan
SUMITOMO CORP.
Japan
Japan
10
Chinas Hong Kong
11
Chinas Hong Kong
12
Japan
13
14
Chinas Hong Kong
15
Japan
16
Chinas Hong Kong
17
Israel
18
Korea, Republic of
19
Turkey
20

CHINA STATE CONSTRUCTION INTERNATIONAL HOLDINGS
LTD.
CHINA RAILWAY CONSTRUCTION CORP. LTD.

TOSHIBA CORP.
MARUBENI CORP.
CHINA COMMUNICATIONS CONSTRUCTION CO. LTD.
NOBLE GROUP LTD.
TOYOTA TSUSHO CORP.
TAT INDUSTRIES LTD.
92
Part Two
Table 6.33 Automobiles and Components: Listed Enterprises

Company Name
Economy
Ranking
TOYOTA MOTOR CORP.
Japan
Japan
Japan
Korea, Republic of
Korea, Republic of
DENSO CORP.
Japan
BRIDGESTONE CORP.
Japan
Korea, Republic of
India
10
11
India
12
SUZUKI MOTOR CORP.
Japan
13
TOYOTA INDUSTRIES CORP.
Japan
14
AISIN SEIKI CO. LTD.
Japan
15
Indonesia
16
17
ISUZU MOTORS LTD.
Japan
18
DAIHATSU MOTOR CO. LTD.
Japan
19
FUJI HEAVY INDUSTRIES LTD.
Japan
20
HYUNDAI MOTOR CO.

KIA MOTORS CORP.
HYUNDAI MOBIS CO. LTD.

TATA MOTORS LTD.

DONGFENG MOTOR GROUP CO. LTD.
6.5 2013 Competitiveness Rankings of Asian Listed Banking and

Insurance Enterprises (220)
Table 6.34 Listed Asian Banks Competitiveness Ranking
Company Name
Country/Region
Ranking
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD.
CHINA CONSTRUCTION BANK CORP.
AGRICULTURAL BANK OF CHINA LTD.
BANK OF CHINA LTD.
Japan
Chinas Taiwan
Sri Lanka
MITSUBISHI UFJ FINANCIAL GROUP INC.

TAIWAN COOPERATIVE BANK LTD.
NATIONAL DEVELOPMENT BANK PLC
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continued
Company Name
Country/Region
Ranking
SUMIMOTO MITSUI TRUST HOLDINGS INC.
Japan
SUMIMOTO MITSUI FINANCIAL GROUP INC.
Japan
Bahrain
10
Kazakhstan
11
12
BANK OF COMMUNICATIONS LTD.
13
MIZUHO FINANCIAL GROUP INC.
Japan
14
CHINA MERCHANT BANK CO. LTD.
15
Kazakhstan
16
INDUSTRIAL BANK CO. LTD.
17
CHINA MINSHENG BANKING CORP. LTD.
18
COMMONWEALTH BANK OF AUSTRALIA
Australia
19
PT BANK RAKYAT INDONESIA (PERSERO) TBK
Indonesia
20
AL SALAM BANK (BSC)

KASPI BANK JSC
NATIONAL BANK OF RAS AL KHAIMAH PSC
TSESNABANK JSC
Table 6.35 Listed Asian Insurance Enterprises Competitiveness Ranking

Company Name
Country/Region
Ranking
Australia
Japan
Chinas Hong Kong
Chinas Taiwan
Japan
Japan
Bangladesh
10
Australia
11
Bangladesh
12
CHINA PACIFIC INSURANCE (GROUP) CO. LTD.
13
CONVOY FINANCIAL SERVICES HOLDINGS LTD.
Chinas Hong Kong
14
Australia
15
Oman
16
Australia
17
18
Korea, Republic of
19
Indonesia
20
CHINA LIFE INSURANCE CO. LTD.

SUNCORP GROUP LTD.
PEOPLES INSURANCE COMPANY (GROUP) OF CHINA LTD.
DAI-ICHI LIFE INSURANCE CO. LTD.
AIA GROUP LTD.
CATHAY FINANCIAL HOLDING CO. LTD.
DREAM INCUBATOR INC.
PICC PROPERTY AND CASUALTY CO. LTD.
ADVANCE CREATE CO. LTD.
PRIME ISLAMI LIFE INSURANCE LTD.
NIB HOLDINGS LTD.
POPULAR LIFE INSURANCE CO. LTD.
AMP LTD.
OMAN NATIONAL INVESTMENT CORP. HOLDING SAOG
QBE INSURANCE
NEW CHINA LIFE INSURANCE CO. LTD.
SAMSUNG LIFE INSURANCE CO. LTD.
HARTA GENERAL INSURANCE
94
Part One
Appendix 1
Introduction to Competitiveness
Indices of Asian Economies
Appendix 1.1 Purpose and
Target of Evaluation
Since the start of the world financial crisis, the
Asian economies have remained the major engine
of the world economy. In the course of the world
economy s deep correc tion, whether Asian
economies will maintain their competitiveness
and enhance their commercial and administrative
efficiency, infrastructure, overall economic strength
social development level, human capital and
innovation capability has drawn attention not only
from Asia itself, but the whole world as well. In this
regard, we began to evaluate the Asian economies
competitiveness from 2011, with an effort to feel
the pulse of the dynamic competitiveness changes
in various economies. Our 2010 evaluation system
covered 35 Asian economies (including Chinas
Taiwan and Chinas Hong Kong). Considering the
close economic ties between Asia and Oceania, we
take Australia and New Zealand into account in the
evaluation system, adding the evaluation targets to
37 economies. We adopted the same index system
in the 2012 and 2013 competitiveness rankings,
tracking and analyzing the competitiveness changes
in the 37 major Asian economies, so as to diagnose
their competitive conditions, predict the future
development of Asian as well as the world economy,
and analyze their achievements in economic and
social aspects.
Appendix 1.2 Introduction

to Competitiveness Indices of
Asian Economies
Appendix 1.2.1 Composition of the Index
The competitiveness index of Asian economies
includes five dimensions which are commercial
and administrative efficiency, infrastructure,
overall economic strength, social development
and human capital and innovation capability. The
competitiveness index of Asian economies mainly
assesses the future competitiveness of 37 main
economies in the Asia-Pacific region and describes
their competitiveness in the region with a view to
helping governments, enterprises and organizations
to identify disparity with benchmark economies
and point out the direction to improving economic,
social and governmental areas. Specifically, the
competitiveness indices of Asian economies mainly
focus on the following three aspects: making a
comprehensive judgment on competitiveness
rankings in Asia, judging the structural disparity
among the economies in terms of economic, social
and governmental, and tracing efforts and dynamic
changes of an economy in social progress and
economic development.
Appendix 1.2.2 Function
The function of competitiveness indices of Asian
economies is to find out gaps among major
economies, so as to foster the overall economic,
social and governmental progress of Asian
economies. The data used by the evaluation model
include macroeconomic data of different economies
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Boao Forum for Asia

from the IMF and the World Bank, the research

findings from the World Economic Forum and
market databases. The evaluation model analyzes
and concludes each competitiveness index of Asian
economies from five aspects, which are commercial
and administrative efficiency, infrastructure, overall
economic strength, social development and
human capital and innovation capability, and then
adopts a weighted-average method to obtain the
evaluation indices, from which the overall rankings
of major Asian economies are judged, and valuable
information in this regard is supplied.
Appendix 1.3 Introduction to

Competitiveness Indicators of
Asian Economies
The competitive indicators of Asian economies in
2013 follow the model in 2011 and 2012. Regarding
indicator system design, we select the hard indicators
that can best reflect the competitiveness of an
economy. Indicators that can generate errors
in questionnaire are not used. In addition, we
introduce the background indicator set, in which
the basic background indicator set includes GDP
per-capita of an economy and its contribution to

the world economy. The basic background indicator
set for weighting consists of GDP, population,
GDP per capita, and GDP as a share of world GDP1.
Among them, GDP reflects the economic gross
of an economy; population is used for obtaining
indicators; GDP per-capita mirrors average level
of development of an economy vital for judging
economic status; GDP as a share of world GDP
singles an economys status in the world economy
and its contribution. Precisely, the indicator set of
the index system falls into five categories, each of
the categories having different number of original
indictors (See Attached Table 1.1). Among them,
the indicator set of commercial and administrative
efficiency has four original indicators; infrastructure
indicator set has 11 indicators, overall economic
strength, 14; social development, 10; human capital
and innovation capability, 5; plus a basic background
index set for weighting. The total number of original
indicators amounts to 47.
1 Population, GDP, GDP per capita, GDP as a share of world GDP
are still used as the key indicators of country analysis and stages
of development analysis in Global Competitiveness Report 20132014 released by the World Economic Forum (WEF).
Attached Table 1.1 Structure of Competitiveness Indicators System of Asian Economies

Primary Indicators
Secondary Indicators
Original Indicators
Amount of Approval Procedures for
Establishing Enterprises
Commercial and Administrative

Efficiency (4)
Efficiency of Commercial Approval (3)
Establishing Time
Enterprises Application Cost
Public Service Efficiency (1)

Transportation Facilities (2)
Communication Facilities (2)
Number of Procedures by
Commercial Contract
Seats on a Flight
Highway Density (km/100sq.km)
Fixed Phone Lines LOA
Mobile Phone Lines LOA
PC Penetration Rate
Infrastructure (11)
Internet Infrastructure (4)
Netizen Population
Internet Penetration Rate
Internet Bandwidth Speed
Electrical Utilities (1)

Water Facilities (2)
96
Electrical Energy Per-Capita

Sewage Services
Safe Drinking Water
Appendix 1
Introduction to Competitiveness Indices of Asian Economies
continued
Primary Indicators
Secondary Indicators
Economic Contribution Index (2)
Original Indicators
GDP/Global GDP
GDP Growth Rate
Budget Equalization/GDP
Inflation
Economic Health Index (5)
Total Tax Burden/GDP

Unemployment Rate
Government Debt/GDP
Overall Economic Strength (14)
Tariff Rate
Foreign Economic Relations (3)
Import Volume/GDP
Export Volume/GDP
Industry Structure (2)
Financial Environment (2)
Added Value of Service Industry/GDP

Industrial Added Value/GDP
Disparity of the Interest Rates of Savings
Deposits and Loans
National Saving Rate
Incidence of Tuberculosis
Incidence of AIDS
Health (4)
Infancy Mortality Rate

Life Expectancy
Social Development (10)
Medical Treatment (2)
Number of Surgeons/1,000
Hospital Beds/10,000
Enrollment Rate of Primary Education
Education (3)
Enrollment Rate of Secondary Education

Female Employment Rate
Safety (1)
Traffic Accident Rate
Human Capital (2)

Human Capital and
Innovation Capability (5)
Enrollment Rate of Higher Education

Public Expenditure on Education
Granted Patents/1,000,000
Innovation Capability (3)
Creative Industries Export

High-tech Export
Appendix 1.3.1 Commercial and

Administrative Efficiency
The commercial and administrative efficiency
indicator set consists of the number of approval
procedures for establishing enterprises, establishing
period, enterprise application cost and the number
of procedures by commercial contract. The first
three indicators reveal the procedures, time and cost
of establishing a new enterprise in an economy. If

the administration for establishing a new enterprise
in an economy is efficient and the procedure is
smooth, the economy would be of vitality and the
newly established enterprises can rapidly enter the
market and grasp market opportunities. Likewise, if
the legal environment is transparent and efficient,
the commercial contract would be smoothly carried
97
Boao Forum for Asia

out and corporate exchanges would be fast, which

helps to improve corporate capital turnover and
strengthen corporate profitability and risk-control
capability.
Appendix 1.3.2 Infrastructure
The infrastructure indicator set includes available
seats on flight, highway density, fixed phone lines
LOA, mobile phone lines LOA, PC penetration
rate, netizen population, Internet penetration
rate, Internet bandwidth speed, per capita energy
output, sewage service and safe drinking water.
These 11 original indicators cover all aspects of
infrastructure in an economy, including transport
facilities, telecommunication and Internet facilities,
power supply facilities and water supply facilities.
Infrastructure can reflect efforts on economic
development and improvement of peoples
wellbeing.
development and health state of an economy,

covering both stock and incremental aspects,
contribution to the global economy and the
health of an economy, as well as foreign economic
relations, industry structure, financial environment.
Appendix 1.3.4 Social Development
Social development indicator set composes of
incidence of tuberculosis, incidence of AIDS, infancy
mortality rate, life expectancy, number of surgeons
per 1,000 people, hospital beds per 10,000 people,
enrollment rate of primary education, enrollment
rate of secondary education, female employment
rate and traffic accident rate. These 10 indicators can
reflect the degree of human and social development
of an economy, covering health, medical treatment,
fundamental education, woman employment and
road safety.
Appendix 1.3.3 Overall Economic Strength
Appendix 1.3.5 Human Capital and Innovation

Capability
The overall economic strength indicator set

includes GDP/global GDP, GDP growth rate, budget
equalization/GDP, inflation and unemployment
rate, total tax burden/GDP, government debt/GDP,
tariff rate, import volume/GDP, export volume/
GDP, added value of service industry/GDP, industrial
added value/GDP, disparity of the interest rates of
savings deposits and loans and national savings rate.
These 14 indicators basically reflect the economic
Human capital and innovation indicator set

includes enrollment rate of higher education, public
expenditure on education, granted patents per
1,000,000 people, creative industries export and
high-tech export. These indicators analyze human
capital input and technology innovation output
from the perspective of input and output. It can
best reflect peoples education situation, intellectual
and capital output.
98
Part One
Appendix 2
Introduction to Competitiveness
Indices of Listed Asian Enterprises
Appendix 2.1 Principles
of Establishing the
Competitiveness Evaluation
Indicators System of Listed
Asian Enterprises
Appendix 2.1.1 Objectivity
Objectivity is the fundamental requirement for
setting up an evaluation index system, which
requires overcoming the influence of subjective
factors, and reflecting the true and objective
evaluation. The selected indicators should reflect
the competitiveness of enterprises in an accurate
and comprehensive way. Here we highlight the
importance of objectivity, as we take no qualitative
indicators into account in the evaluation index
system. We study the listed enterprises in the entire
Asian region, where there are more than 13,000
enterprises with comparable data. Therefore if we
determine a particular indicator in a qualitative
way, the workload would be extremely heavy,
and probably no one has the qualitative
understanding of all enterprises. Quite a number
of factors affect the competitiveness of enterprises,
which requires us to select indicators that will
truly reflect all aspects and major features in an
enterprises development, and in a systematic
and comprehensive way. At the same time,
these indicators are mutually independent and
interrelated with each other, constituting an
organic whole. Objectivity requires indicators to
be comprehensive. To that end, we use multiple
indicators to measure a specific ability of an
enterprise, and synthesize the results in order to

avoid the abnormal impact of a given indicator.
Appendix 2.1.2 Operability
Operability means that indicators in index system
should be available, data processing of the
indicators feasible and the use of index system
comparable. The availability of indicators is
crucial. As there are thousands of enterprises in
various industries and types, we should find out
common indicators available in public database.
To make data processing of indicators feasible,
the standardization of data should be feasible and
orderly. Standardization of data is the basic work
in establishing an evaluation index. Some data are
positive indicators while others are negative. The
final evaluation should unify these indicators, and
make them comparable and of the same direction.
Comparability of indicators means that it is worth
comparing certain indicators. An indicator may be
very important for a specific enterprise, but it may
fail to reflect the difference of all enterprises. Thus,
an indicator that cannot reflect the similarities and
differences of enterprises competitiveness will not
be included in the index system. Comparability also
requires the index not only to reflect the common
features of the economic development in different
areas, but also the particular features of a specific
region, making it possible to compare horizontally
among different areas. Meanwhile, operability
requires that the index system should not be too
complicated but simple and practical instead, and
it should contain fewer indicators but reflect more
substantive content. The design of index system
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Boao Forum for Asia

should make it easy to collect and quantize the

indicators, so as to extend the scope of the index
system.
Appendix 2.1.3 Scientificality
Scientificality requires the selected indicators
scientifically reflect the final purpose of the
evaluation. Therefore, the selected first-level and
second-level indicators should scientifically reflect
the competitiveness of enterprises. There are various
definitions on competitiveness of enterprises based
on different understanding of the concept, which
brings about different index systems, therefore, the
scientific definition of enterprises competitiveness
is the foundation of scientific evaluation indicators.
The indicators should reflect enterprises actual
operating status, and should be in accordance with
the concept of corporate management, as well as
available and comparable. Scientificality requires
the indicators to have clear definitions, reflect
the competitiveness of enterprises, and have the
potential to compare among different enterprises.
It also requires the index system to be adaptive in
a wide scope, so as to reflect the common features
of the competitiveness of enterprises in different
types, industries and economies. It also requires
the indicators to be flexible and adaptive, making
it possible to adjust in accordance with different
industries and enterprises during the analysis, as
well as to adjust in future evaluations.

the Competitiveness Indices of
The ter m enter pr ise competitiveness was
first proposed by the Japanese government
in 1947, which was widely studied. Later on,
the US government also began to focus on
competitiveness of enterprises. At present,
the theory of competitiveness of enterprises is
relatively mature, and there are many different
definitions on that. For example, Porter (1998)
stated that the competitiveness of enterprises
referred to enterprises capacity to compete in the
global market. Kotler (2001) said that it referred to
enterprises capacity to produce products with high
quality and low cost. In this research, we define
the competitiveness of enterprises as follows:
In an open and competitive market, enterprises
100
achieve stable, secure, effective and sustainable

de velopment through foster ing their core
competencies, making use of market resources and
creating values for consumers. Under this definition,
the competitiveness index system of the listed
Asian enterprises consists of 4 first-level indicators,
which are the basic capacity indicator, development
capacity indicator, profitability indicator and anti-risk
capacity indicator; and 17 second-level indicators
(See Attached Table 2.1).
Attached Table 2.1 Composition of Listed

Asian Enterprises Competitiveness
Evaluation Indicators
Level 1
Level 2
Total Assets
Basic Capacity
Indicator
Net Assets
Total Revenue
Total Profit
Growth Rate of Total Assets
Growth Rate of Net Assets
Development
Capacity Indicator
Growth Rate of Total

Revenue
Growth Rate of Total Profit
Ratio of Capital Expenditure
to Total Assets
Profit Ratio of Total Assets
Profitability Indicator
Profit Ratio of Net Assets

Profit Ratio of Revenue
Asset-Liability Ratio
Liquidity Ratio
Anti-Risk Capacity
Indicator
Quick Ratio
Current Asset Turnover
Asset Turnover
Appendix 2
Introduction to Competitiveness Indices of Listed Asian Enterprises
Appendix 2.2.1 Basic Capacity Indicator

Basic Capacity Indicator is a weighted average
indicator including four second-level indicators,
which are total assets, net assets, total revenue and
total profit. The package reflects the basic capacity of
enterprises in relation to international competition.
Its a stock index implying the capability to resist
market instability. The higher score of this indicator,
the stronger the enterprise is.
Appendix 2.2.2 Development Capacity
Indicator
Development Capacity Indicator is a weighted
average indicator including five second-level
indicators: growth rate of total assets, growth rate of
net assets, growth rate of total revenue, growth rate
of total profit, and ratio of capital expenditure to
total assets. These reflect the listed Asian enterprises
potential. The package is an incremental index
and a projection of the future. The higher score
an enterprise gains, the stronger development
capability it has.

Competitiveness Evaluation
Indices of Banking and Insurance
Enterprises Listed in Asia
Attached Table 2.2 Composition of
Competitiveness Evaluation Indicators of
Banking and Insurance Enterprises
Listed in Asia12
Level 1
Total Assets
Net Assets
Basic Capacity
Indicator1
Total Profit
Total Savings Deposit

Growth Ratio of
Total Assets
Growth Ratio of Net Assets
Development
Capacity Indicator
Growth Ratio of
Total Revenue
Growth Ratio of Total Profit
Growth Ratio of Earnings
Per Share
Appendix 2.2.4 Anti-Risk Capacity Indicator

Anti-Risk Capacity Indicator is integrated by five
second-level indicators in a weight way, including
the asset-liability ratio, liquidity ratio, quick ratio,
current asset turnover and asset turnover of the
enterprise, which is an indicator that represents
the survival capacity of an enterprise. The flows
of international capital bring a huge risk to Asia.
Therefore, we regard the anti-risk capability as
one of the important indicators to study the
competitiveness of the Asian enterprises. The
higher score the indicator gains, the stronger
the survival capability the enterprise is when it
encounters a massive capital turnover. Nowadays,
this indicator is of more significance at a time
when the international capital starts to flow back
to the US and other developed economies.
Total Revenue
Total Loan
Appendix 2.2.3 Profitability Indicator

Profitability Indicator is a weighted average indicator
including three second-level indicators: profit ratio
of total assets, profit ratio of net assets and profit
ratio of revenue. The package is a stock index to
weigh the overall profitability of enterprises. The
core of enterprises competitiveness is profitability.
The higher score an enterprise gains, the stronger
profitability it has.
Level 2
Profit Ratio of Total Assets

Profit Ratio of Net Assets
Profitability Indicator
Profit Ratio of Revenue

Earnings Per Share
Profit Ratio of Capital
Asset-Liability Ratio
Anti-Risk Capacity
Indicator2
Percentage of
Non-Interest Income
Ratio of Total Cash
Liabilities
Asset Turnover
1 There is neither total loan nor total savings deposit indicator in

the composition of the basic capacity indicator for insurance
industry.
2 Due to data reasons, the risk-resistance of insurance industry only
selects an asset turnover as the second-level indicator.
101
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Appendix 2.3.1 Basic Capacity Indicator

Basic Capacity Indicator is integrated by six secondlevel indicators in a weight way, including total
assets, net assets, total revenue, total profit, total
loan and total savings deposit, and it reflects
the basic capacity that banking and insurance
enterprises have in participating international
competition. Its a stock indicator and stands for
the market impact-resistance capacity determined
by the scale of banking and insurance enterprises
listed in Asia. The higher score the indicator gains,
the stronger the current actual competitiveness of a
banking or an insurance enterprise is.
Appendix 2.3.2 Development Capacity
Indicator
Development Capacity Indicator is integrated by five
second-level indicators in a weight way, including
the growth ratios respectively for total assets, net
assets, total revenue, total profit, and earnings per
share for banking and insurance enterprises listed in
Asia, and it reflects the development capacity that
banking and insurance enterprises listed in Asia will
face in the future. Besides, it is also an increment
indicator for measuring these enterprises capacity of
seizing the future based on the current situation. The
higher score a banking or an insurance enterprise
gains, the stronger development capability it has.
Appendix 2.3.3 Profitability Indicator
Profitability Indicator integrated by five second-level
indicators in a weight way, including the profit ratio
of tocal assets, profit ratio of net assets, profit ratio
of revenue, earnings per share and profit ratio of
capital of listed banking and insurance enterprises.
Also, its an increment and a comprehensive survey
for the overall profitability of banking and insurance
enterprises within the survey period. The core of
the competitiveness of banking and insurance
enterprises is the profitability of an enterprise. The
higher score a banking or an insurance enterprise
gains, the stronger its profitability is within the
survey period.
Appendix 2.3.4 Anti-Risk Capacity Indicator
Anti-Risk Capacity Indicator is made of asset-liability
102
ratio, percentage of non-interest income, ratio of

total cash liabilities and asset turnover, measuring
banking and insurance enterprises viability. The
higher score the indicator gains, the stronger the
survival capability of the enterprise is when it
encounters a massive capital turnover.
Appendix 2.4 Calculation

Method of Competitiveness
Indices of Listed Asian
Enterprises
We adopt the internationally accepted composite
Index evaluation method, which is explicit,
transparent and easy to operate. Since the indicators
include not only the absolute amount indicators,
such as labor productivity, but also the ratio
indicators like industrial structure and employment
structure, we should standardize the indicators to
reflect their weight in the indices.
The Formula to standardize the indicators is as
follow:
Standard value of an indicator (impact value) =
(actual value -minimum value) / (maximumminimum)100%
The index is composed of indicators of
the equal weight, with each level of indicators
composed by sub-level indicators with the equal
weight. Competitiveness index of listed Asian
enterprises is calculated as follows:
Competitiveness index of listed Asian
enterprises = (basic capacity indicator +
development capacity indicator + profitability
indicator + anti-risk capacity indicator)/4
The first-level indicators are composed of
equal weight secondary index. For example, the
basic capability indicator is calculated as follows:
Basic capability indicator = (standard value of
total assets + standard value of net asset + standard
value of total revenue + standard value of gross
profit) /4
Other first-level indicators are calculated in a
similar way to that of the basic capability indicator,
and we will not repeat here.
Part One
References
1. World Economic Forum. The Global Competitiveness Report 2013-2014, September, 2013, http://reports.
weforum.org/the-global-competitiveness-report-2013-2014/.
2. . . 20132.
3. . . 20138.
4. . .
20131.
5. . . 20137.
6.
2013-9-8.
7. . 2013 10 2013-10-11.
8. . . 2009.
9. . . 2010.
103

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Part One

Annual Report 2014Competitiveness of Asian Economies

Boao Forum for Asia

Annual Report 2014Competitiveness of Asian Economies

Internal and External Environments

advocated by Japanese Prime Minister Shinzo Abe,

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leading index of the US, Japan and the eurozone

2013, Indias currency trade deficit crawled as high

Figure 1.1 OECD Composite Leading Index of Developed

1.2 Major Asian Economies in

a downward trend. The Asian Development Bank

Annual Report 2014Competitiveness of Asian Economies

ADBs previous prediction at the end of 2012, which

month, unchanged from that in October, and was

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the leading economic index and composite index

gradually narrowed the gap between member

Annual Report 2014Competitiveness of Asian Economies

predicting that the countrys GDP will grow 2.8%

November 2013. Its long-term jobless population

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segments, the non-oil private sector continued to

the information industry, making information security

Table 1.1 Economic Growth Trends of Major Economies

East Asian Economies

China, Peoples Republic of

Chinas Hong Kong

South Asian Economies

West Asian Economies

Emerging Market Economies in Asia

Annual Report 2014Competitiveness of Asian Economies

1.3 Some Asian Economies

occurrence of this situation is an inseparable result

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Annual Report 2014Competitiveness of Asian Economies

Chinas Economic and Trade

between China and ASEAN members grows rapidly.

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In the future, it would be the common

2.2 Construct the Silk Road

Speeding up interconnection is a consensus

Annual Report 2014Competitiveness of Asian Economies

2.3 Accelerate the Construction

2.4 China-Pakistan Economic

response from Pakistan. The two countries will

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at the provincial level had limited effects to drive

and they are faced with the task to accelerate

Annual Report 2014Competitiveness of Asian Economies

Evaluation Report on Competitiveness

Republic of Korea (DPRK ), Brunei, Myanmar,

Table 3.1 Target Economies to Be Evaluated in 2013 Report (Alphabetical Order)

China, Peoples Republic of

Chinas Hong Kong

United Arab Emirates

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3.2 Final and Sub-Item Ranking

as Kazakhstan and Saudi Arabia, representing

Ranking Change Ranking Change Ranking

Ranking Change Ranking Change Ranking

Chinas Hong Kong

Annual Report 2014Competitiveness of Asian Economies

Figure 3.1 Rankings of Comprehensive Competitiveness of Asian Economies 2013