News

China among Top 10 global improvers in 2019 World Bank Doing Business Report

June 2019


China has edged into the Top 50 economies in the world for doing business, advancing to a global ranking of 46, up 32 places from 78 in 2018; the figures were revealed in the 2019 World Bank Doing Business Report: Training for Reform.

China implemented the largest number of reforms in the East Asia and Pacific region, which included the introduction of online registration systems and simplifying social security registrations to make starting a business an easier process, as well as reducing the time and cost of Trading Across Borders.

Published annually since 2003, the World Bank Doing Business project provides objective measures of businesses regulations for local firms in 190 economies worldwide. Russell Bedford International member firms have assisted the World Bank in researching its annual Paying Taxes survey since 2009, contributing data on tax regulation, recent reforms, and the real costs of tax compliance worldwide.

This year's Paying Taxes survey shows by abolishing the business tax, allowing for joint filing and payment of all stamp duties and by implementing several administrative reforms to lower the compliance time, paying taxes has been made easier in China. Beijing also made paying taxes less costly by reducing the housing fund rate paid by the employer.

Guoqi WANG, partner of Beijing member, Russell Bedford Hua-Ander, said: “Being listed as a top 50 economy for doing business is a fantastic achievement and a welcome improvement for China. The emphasis by the Chinese government to improve the business climate for small and medium enterprises, as well as encouraging entrepreneurship, is bringing significant benefit to businesses in China which can only add to its steadily improving economy.”

To access the full country report click HERE.