ChennelNewsAsia reports:

Singapore is the easiest country in the world to do business in, while China is rapidly simplifying business procedures to keep it ahead of India in the global rankings, the World Bank said.

New Zealand is the second most business-friendly place, according to the annual "Doing Business" report, which ranked 175 economies in terms of regulations that enhance or constrain business.

Asian powerhouse China was ranked in 93rd place, but improved sharply from 108th, reflecting the pace of reforms being carried out and making it one of the top 10 economies with the most changes to simplify business procedures.

"Watch out, rest of the world: China is a top-10 reformer," said the report jointly published by the World Bank and the International Finance Corp.

"The government sped business entry, increased investor protections and reduced red tape in trading across borders. China also established a credit information registry for consumer loans. Now 340 million citizens have credit histories."

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