China Ranks Among In Top Ten For Reforming Business Practices
Jacob Cherian – All Headline News Staff Writer
Beijing, China (AHN) – The Doing Business Report 2007 created by the World Bank and International Finance Corporation (IFC) reveals that China is now one of the ten top business reformers among 175 nations following speedy reforms in the country during the past year.
The report confirms that China has executed reforms to make it easier to set up business registrations and also make deals. It has also made efforts in making credit more accessible as well as protecting investors. The rate of reforms in China is now marked first in East Asia and Pacific region, not to mention a fourth-ranking in the world.
The Corporation Law in the country is now upgraded and the time for business registration has been modified from 48 to 35 days. The minimum confirms starting a business has been altered from 947 percent of per capita income to 213 percent. Furthermore, China has also strengthened deals made within the country and increased security measures for investors.
China now has a consumer credit information system. Banks are able to consult the records of the nations’ 340 million before handing out loans.
Also, the new customs application procedures over the Internet has decreased the time it takes for imports and exports to get through customs by two days.