They have massively increased in the last decade, according to
this competitiveness scorecard which seems to be pretty prominent. They
spent 1997-2001 ranked in the 30s, but in 2006 they ranked 19th in the world in 2006 (after rising from 31st in 2005).
Maybe it's a fluke, I don't know how the rankings are set. Based on the past years and this year, China would be roughly considered in the same "bracket" as Belgium, Scotland, Thailand, Korea, Chile.