On the Right Track

The first Qilu trans-eurasian freight train departs from Qingdao, east China’s Shandong Province, on October 31. The train takes its name from an alternative name of Shandong. Its route covers several key cities along the Silk Road Economic Belt, including Tashkent, Astana and Moscow. of Asian billionaires on the database exceeded U.S billionaires for the first time,” the report said. “Powered by the rise of China’s entrepreneurs in an exceptional year, the number of Asian billionaires rose by almost a quarter to 637.”

By comparison, the United States is home to 563 billionaires and Europe to 342. The United States, however, retains the greatest amount of billionaire wealth. The report noted that significant wealth in Asia remains relatively volatile in a climate of rapid economic development and erratic stock markets. These mercurial circumstances can lead to quick wealth creation but even quicker money losses.

“China advanced to a global ranking of 46 this year, up from 78 last year, as the country implemented the largest number of reforms in the East Asia and Pacific region,” the report said.

Bert Hofman, World Bank Country Director for China, said, “China has made rapid progress in improving its business climate for domestic small and medium-sized enterprises in the past year. The progress signals the value the government places on nurturing entrepreneurship and private enterprises.”

China’s reforms in areas including cutting administrative red tape earned it a spot in this year’s top 10 global improvers, according to the report.

Progress made in starting a business and getting electricity was particularly impressive. “Beijing is one of only two cities in the world where the process of starting a business is completely free. China is ranked 28 in the area of starting a business,” the report said.

Getting an electricity connection