World Bank praises Chinese reform on business environment

Zhang Wencai, director-general of the Department of International Economic and Financial Cooperation of the Ministry of Finance, chairs the meeting between the World Bank and Chinese authorities. (Photo/mof.gov.cn)

World Bank officials made positive remarks regarding China on reforming its business environment during a negotiation between the World Bank's assessment team and Chinese authorities from June 1-5.

During the five-day discussion via video call, officials from Beijing and Shanghai governments, the Ministry of Finance, Supreme People's Count and the State Council made in-depth changes with the World Bank, focusing on updated reform measures to optimize the business environment in China between May 2, 2019 and May 1, 2020.

The business environment, one of the key factors spurring corporate operation activities, plays a significant role in a country's economic growth, foreign investment utilization and employment opportunities.

According to the Global Business Environment Report issued by the World Bank in October 2019, China's business environment ranking rose remarkably to 31st, in comparison with 46th from a year earlier. Noted progress has been made in the protection of medium and small investors, cross-border commerce, starting companies and granting construction permits.