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The World Bank has approved China's measures to improve the business environment for both foreign investors and private investors, giving the world's second largest economy the highest ranking ever attributed to the annual survey of business environment.
China was among the top 10 players in the Doing Business 2019 report: Training for Reform by the World Bank, which measures how easy it is to do business in different countries, released on Wednesday.
"China has quickly improved its business climate for domestic small and medium-sized enterprises," said Bert Hofman, World Bank Country Director for China.
"These advances, which now place China among the top 50 economies worldwide, demonstrate the value the government places on promoting entrepreneurship and private enterprise."
According to the World Bank report, China's ranking rose to No. 46 last year, from No. 78 to last year, although it remains far behind other major economies, including New Zealand at No. 1, Hong Kong at No. 4 and the United States at No. 8.
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The rapid improvement in the Chinese economy followed strong protests from foreign investors about rising business costs, unequal competition in Chinese competition with China, and a general lack of access to business. markets.
Chinese entrepreneurs have expressed their own objections to the funding restrictions and the still high tax burden on businesses.
Beijing has worked hard to cut red tape and promised to expand market access to attract foreign investment. China's foreign direct investment grew 2.9 percent to US $ 97.8 billion in the first nine months, compared to the same period last year, according to the Ministry of Commerce.
China is currently facing a fierce trade war with the United States. Nearly half of its exports to the United States – worth about US $ 250 billion – are now subject to tariffs ranging from 10% to 25%.
The unresolved and potentially increasing tension has greatly weakened the national economy and the market climate. The third-quarter growth rate has fallen to its lowest level in a decade and the A-share index is the weakest of the major economies so far this year.
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At its Wednesday meeting, the Politburo, the main Chinese decision-making body chaired by President Xi Jinping, acknowledged "mounting downward pressure" on the economy in the face of external uncertainties and promised to take steps to stabilize the economy, investment, finance and employment. and expectations.
Xi will hold the country's first ever import fair in Shanghai this weekend and deliver a keynote address on Monday. At the same time, Prime Minister Li Keqiang is due to meet in Beijing next week with heads of major international institutions, including IMF Managing Director Christine Lagarde and World Bank President Jim Yong Kim.
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The World Bank has attributed the rapid improvement of the business climate in China to a significant number of successful reforms.
For example, the time and cost of cross-border trade has been reduced by eliminating administrative costs, increasing transparency and encouraging competition. The cost of transporting goods to the Chinese border has been reduced by more than half.
In addition, China remains one of the best economies in the world for the settlement of a trade dispute. It takes 496 days and costs 16% of the value of the claim, far better than the average of the high-income countries established by the Organization for Economic Co-operation and Development (OECD), which was 582 days and 21% .
However, the World Bank has suggested that China do better in areas such as building permits.
Currently, a company must perform 20 procedures to obtain all necessary permits and approvals for the construction of a warehouse in China, compared to an average of 15 in countries in the East Asia and Pacific region.
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