China ranks 28th in the World Economic Forum's latest Global Competitiveness Report for 2016-17 that was released Wednesday. China's ranking is the same as last year, and was at the front of the emerging economies.

Switzerland topped the competitiveness list for the eighth straight year, followed by Singapore, the US, the Netherlands, and Germany. The WEF warned in its report that declining openness is threatening growth and prosperity.

The WEF said that monetary stimulus measures aren't enough to sustain growth and must be accompanied by competitiveness reforms.

The reports also noted that updated business practices and investment in innovation are now as important as infrastructure, skills and efficient markets.