China advances 32 ranks in World Bank's ease of doing business index
Nov 02, 2018 (China Knowledge) - The World Bank has released its Doing Business 2019 report where investigation of regulations that promote business activities and those that constrain it are weighted. China has advanced 32 ranks up to the 46th position out of 190 countries studied in the report.
China has been highlighted alongside with India as these two economies with the largest population in the world have made impressive reform agendas in the past years, which is also reflected in their ranking.
China is the only economy in East Asia under the top 10 countries which have achieved remarkable improvement in their business environment this year. The Chinese government has taken a proactive approach in improving the business regulatory environment.
The officials in China have been focusing on financial reforms and have increased the efficiency of business processes in past few years. In order to facilitate new businesses to set up electricity connections in both Beijing and Shanghai were revamped to reduce time taken to obtain a new connection. This would help reduce unnecessary bottlenecks in operation.
Other reforms measures include simplified documentation requirements, expanded public access to information, and enhanced facilitation of cross-border trade, with initiatives such as national trade single window linking the customs and tax administration with the port authorities.
As trade war with the U.S. intensified, efforts undertaken by China to encourage businesses will not only help the promotion of local business but will also boost foreign investments in the country.
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