Hong Kong climbs to No 4 on World Bank’s list of easiest places to do business
- City improved from 5th place last year, but still lags New Zealand, Singapore and Denmark
- Mainland China shoots up 32 places to 46th thanks to ‘impressive’ reform measures
Hong Kong rose one place to fourth in the World Bank’s latest ranking of the easiest places to do business, while mainland China shot up 32 places to 46th.
For three years in a row, New Zealand topped the international financial body’s Doing Business Report, released on Wednesday, followed by Singapore and Denmark. Taiwan rose two places from 15th to 13th.
The report, introduced in 2003, measures the ease of doing business in 190 economies using 11 indicators on business regulation, such as how easy it is to start a business, deal with construction permits, trade across borders, protect minority investors, enforce contracts and secure credit.
Hong Kong performed best when it came to ease of dealing with construction permits (1), paying taxes (1), getting electricity (3) and starting a business (5). But it fell short in registering property (53), resolving insolvency (44), getting credit (32) and enforcing contracts (30).
Singapore comes first, Hong Kong fourth in World Bank’s human capital rankings
A Hong Kong government spokesman said the city’s improved ranking reflected “continuous enhancements in our business facilitation measures”.
“In the past 10 years, Hong Kong has maintained its position among the world’s top ranking economies in the report, re-affirming our favourable business environment for overseas companies to set up their regional headquarters and offices, and for all businesses to flourish,” the spokesman said.
