BEIJING, Sept. 26 -- China has been ranked 14th of 60 leading economies based on an assessment of the business-growth environment, according to a survey by Grant Thornton.

The position, although a retreat from third in 2013, is higher than some major developed countries, including Franceat 23rd and Britain at 27th, according to the global dynamism index compiled by the international accounting firm. Singapore was ranked first.

The assessment is based on five categories -- science &technology; labor &human capital; economics &growth; business operating environment; and financing environment.

China maintains the lead in terms of growth and human capital, ranking first and second respectively, which is attributed to the robust consumption and service sector against the sluggish global recovery. Lackluster performance in the business and financing environment, however, dragged down the overall rank.

Xu Hua, CEO of Grant Thornton China, said the country still needed to improve its business environment to create sound conditions for enterprises to develop.