China is trying to bridge the gap with its biggest competitor the United States, by becoming a hassle free place to do business.
In the annual ranking of the World Bank of the economies with bureaucracy busting, New Zealand topped the list as it has made it comparatively very cheap to set up a company there, but India along with China have climbed up the rankings by the liberalizations and a very wide range of reforms which have been specifically designed for an easy inception and incorporation of an organization.
According to the Doing Business 2019 report, the on-going trade war between the United States and China has made working conditions difficult in the two countries and due to the exit of the United Kingdom from the European Union, Britain has also lost the position it once acquired as a good place to do business.
As per the reports, it is now comparatively easier to do business in Georgia or Soviet Republic of Georgia than establishing a business in the United States or United Kingdom.
The World Bank ranked 190 countries in which Somalia came last becoming the toughest country to do business in. Venezuela and Eritrea took the positions of second and third from the bottom in being the toughest countries for doing business in.
Singapore and Denmark again completed the first three slots.
This report of the World Bank was the 16th edition which measured the easiness and difficulty of operating the various parts of a business from incorporation, to infrastructure and to turning on the power.
As per the report, a business can be set-up in New Zealand in a few hours whereas Slovenia is the cheapest place to run the business and Afghanistan has improved its position more than any other country in the list.
Source: Bloomberg, EconomicTimes
