Corporate climate ranking improves

China, for the first time, leapfrogged into the top 50 of 190 economies regarding the convenience and transparency of doing business, according to a World Bank report, Doing Business 2019: Training for Reform, released on Wednesday.

The change showcased the country’s substantial improvement in busting bureaucracy and providing efficient and transparent rules for investors, according to the World Bank and Chinese officials.

The report showed China climbed 32 spots from a year ago to 46th in the global ranking, as the country undertook the largest number of reforms in the East Asia and Pacific region to improve its business climate.

The report’s findings were fair and objective and reflected China’s firm commitment and effective measures to deepen reform and openingup and to improve its business environment, Foreign Ministry spokesman Lu Kang said on Thursday.

The spokesman said the country will continue to promote a new round of reform and opening-up measures to unleash the market’s vast potential and attract foreign investment.

“We welcome more foreign companies to develop in China, and share with them the country’s opportunities,” Lu said at a news conference.

China’s reforms led to improvements in areas such as trading across borders, electricity service and paying taxes, and earned the country a spot in this year’s top 10 global improvers, according to the report.