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WB report lauds China for improving business climate

By Wang Yanlin | October 29, 2013, Tuesday | Online Edition

A World Bank Group report said today that China is among the world's top 20 in making progress on improving its business regulations since 2005, making it a leading power in East Asia and the Pacific.

China has implemented 18 regulatory reforms since 2005 which made it easier for local entrepreneurs to do business, according to the report “Doing Business 2014: Understanding Regulations for Small and Midsize Enterprises” released by the World Bank Group.

Thanks to these reforms, China has narrowed her gap with global good practices and improved the most in East Asia and the Pacific, the report said, adding that China is among 20 economies worldwide that made the biggest progress during that period.

"China's achievements since 2005 are remarkable," said Rita Ramalho, the report's lead author. "They show the government's strong commitment to creating a better business regulatory environment for Chinese entrepreneurs."

China's economy leapfrogged in the past decade with the strategy of continued reforms and opening up foreign businesses. It replaced Japan as the world's second-largest economy in 2011.

In the 12 months by June 2013, China reformed practices of obtaining credit and enforcing contracts. It enacted new rules to guarantee borrowers their right to check their own credit data and it streamlined court proceedings to enable courts to enforce contracts faster.

The report analyzes business regulations of each country, from company registration to operation, trading across borders, tax payment and resolving insolvency. The ranking is based on 10 indicators and covers 189 economies.

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