Switzerland has jumped ahead of the United States in terms of global business competitiveness, according to the annual survey of the World Economic Forum. The People’s Republic of China has also moved into the top 30 for the first time.

Though Switzerland and the U.S. both rank high on innovation and business climate, the U.S. is dropping like a lead balloon in the macroeconomic category, from 66th to 93rd, due to rising public indebtedness and the sinking value of the dollar.

China is rising on the strength of its fiscal stability (cash reserves and favorable trade balance), as well as for showing improvements in innovation and business climate.

Several components comprise a country’s competitiveness – including its financial system, infrastructure, educational opportunities, the skill level of its workforce, and more–areas in which the United States remains relatively high except for the economic mess gripping the nation, exacerbated by huge spending outlays to spur the economy and their concomitant budget deficits.