Chart of the Day: Doing Business in China Gets Easier
China has entered the World Bank’s list of the top 50 countries where doing business is easiest.
Thanks to a series of regulatory reforms, China leapt from 78th in 2017 to 46th in the rankings this year, which the World Bank published in its annual report on Wednesday.
The Doing Business 2019 Report compared business regulations for domestic firms in 190 economies, describing China and India as two economies with “impressive reform agendas.”
“Both governments took a carefully designed approach to reform, aiming to improve the business regulatory environment over the course of several years,” the report said.
Graphic: Gao Baiyu/Caixin
China is the only economy from the East Asia and Pacific region to make the report’s list of top 10 improvers. The country has made substantial progress in streamlining the process for registering a company, making it easier to pay taxes and strengthening protections for minority investors, the report said.
Getting access to electricity has also become easier. For example, in Beijing and Shanghai, the time it takes to obtain a new connection to the power grid has fallen from more than three months in 2017 to about 30 days in 2018, due to a new mobile phone application for customers.
Contact reporter Charlotte Yang (firstname.lastname@example.org)
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