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| No.11 December, 2010 |
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Hong Kong stays on top of World Bank business-friendly list |
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 "Hong Kong has maintained its position among the leading economies in the World Bank's Doing Business survey, confirming its reputation as one of the best places in which to do business," said Steve Barclay, Director (Representative to Australia and New Zealand), HKETO.
Hong Kong ranked second in Doing Business 2011: Making a Difference for Entrepreneurs, the eighth in a series of annual reports published by IFC and the World Bank that ranks 183 economies on key aspects of business regulation for domestic firms.
"Governments worldwide have been consistently taking steps to empower local entrepreneurs", said Neil Gregory, Acting Director, Global Indicators and Analysis, World Bank Group.
Mr Barclay said the Hong Kong Government is committed to further enhancing Hong Kong's business environment and long-term competitiveness. Measures have been launched to improve the efficiency, transparency and customer-friendliness of Hong Kong's licensing system and to simplify regulations. The improvements have helped reduce compliance cost and administrative burden on business without compromising the public interest.
In the World Bank's Doing Business 2011 report, Hong Kong ranked first in the category for construction permits, second in getting credit, trading across borders and enforcing contracts and third in protecting investors and paying taxes.
On reforms to make it easier to do business, the report noted that Hong Kong has abolished the fuel tax on diesel and has implemented reforms in the civil justice system to increase the efficiency and cost-effectiveness of commercial dispute resolution.
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