Hong Kong vows to further improve business environment after World Bank's annual ranking

Source: Xinhua| 2017-11-01 13:30:41|Editor: Mengjie
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HONG KONG, Nov. 1 (Xinhua) -- The government of China's Hong Kong Special Administrative Region (HKSAR) vowed on Wednesday to further improve its business environment, after a World Bank annual report re-affirmed Hong Kong's position as one of the world's easiest places to do business.

"In the past 10 years, Hong Kong has maintained its position among the world's top ranking economies in the Doing Business Report, re-affirming our incessant efforts in business facilitation," a HKSAR government spokesman said.

In the World Bank's Doing Business 2018 Report released on Tuesday, Hong Kong ranked the fifth and was commended for its successful implementation of reform measures to make doing business easier, including improving the quality of the land administration system by enhancing its reliability and establishing a complaints mechanism.

"The government would strive to cut red tape, eliminate outdated or unnecessary regulations on business, enhance regulatory efficiency and reduce business compliance costs, with a view to further improving the ease of doing business in Hong Kong," the spokesman added.

The report compares the ease of doing business in 190 economies across 10 indicators. Hong Kong performs well in four indicators, namely "starting a business" (third), "paying taxes" (third), "getting electricity" (fourth) and "dealing with construction permits" (fifth).

Hong Kong's ranking slipped one place to the fifth this year as compared with last year, mainly due to the lower score in the framework of "resolving insolvency" for the corporate sector.

The spokesman said the HKSAR government will "strive to ensure that the corporate insolvency regime keeps up with international standards and development trends" and will "review related policy, legislation and practice from time to time for more effective processing of winding-up cases and better protection of creditors."

The HKSAR government is also preparing a bill for the introduction of a statutory corporate rescue procedure which will help strengthen the relevant regime, according to him.

The government will study the report thoroughly to identify scope for further improving the business environment in Hong Kong, he said, adding that it will also continue to work closely with the business sectors and other stakeholders with a view to reforming the existing regulatory regimes to ensure that regulation is appropriate.