View of the Lujiazui area in Pudong of Shanghai, east China. (Xinhua/Fang Zhe)
China's ease of doing business ranking climbed to 31 this year, according to a World Bank report. China's improving business environment will not only unleash the enormous potential of businesses in China but also keep creating new dividend to the world.
BEIJING, Oct. 26 (Xinhua) -- Is it easy to do business in China? This is a major question for businesspeople around the world who want to make a fortune in the world's second-largest economy.
A clear and reliable answer is provided by the World Bank in its newly-released report "Doing Business 2020: Comparing Business Regulation in 190 Economies." China's ease of doing business ranking climbed to 31 this year from 46 last year, and it is also among the 10 economies that improved the most on the ease of doing business after implementing regulatory reforms.
"To date, China has shown a notable improvement in the areas of dealing with construction permits, getting electricity and resolving insolvency," the World Bank report said.
China's ever-improving business environment is widely applauded by world institutions as well as numerous market entities that are operating businesses in the country.
Rather than short-term expediency, the main driver of China's efforts to improve its business climate is the country's pursuit of transforming its economy to high-quality development and navigating through changes unseen in a century.
To realize the goal, China's State Council just released a milestone regulation on optimizing the business environment, which will become effective from Jan. 1, 2020, to provide more institutional support.
According to the regulation, the state shall provide equal protection to all market entities and ensure they can make equal use of all factors of production and enjoy support policies in accordance with the law. It also details efforts on cutting red tape, streamlining administrative approval and improving supervision and administrative law enforcement.
Less tax, faster customs clearance, shorter time to get electricity and more protection to investor's interest, these are the tangible reform measures that actually benefit both domestic and foreign businesspeople in China.
China is consistently building a stable, fair, transparent and predictable business environment, which will not only unleash the enormous potential of businesses in China but also keep creating new dividend to the world. ■