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Taiwan 11th in World Bank's 'Doing Business' rankings

Taiwan 11th in World Bank's 'Doing Business' rankings

Washington, Oct. 27 (CNA) Taiwan grabbed 11th place in the World Bank's "Doing Business 2016" rankings, up eight notches from a year earlier, the global financial institution said Tuesday. The World Bank report showed that Taiwan made an improvement in its business environment over the past year, witnessing its total score in the world rankings rise to 80.55 from the 78.73 recorded a year earlier. The annual Doing Business report considers 10 areas to derive an overall score for each country in the rankings. The 10 areas are starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. In the global rankings, Singapore retained the top position. New Zealand came in second ahead of Denmark (3), South Korea (4), Hong Kong (5), the United Kingdom (6), the United States (7), Sweden (8), Norway (9) and Finland (10). In the Asia-Pacific region, Taiwan placed fifth after Singapore, New Zealand, South Korea and Hong Kong. The report -- "Doing Business 2016: Measuring Regulatory Quality and Efficiency" --, now in its 13th year, covered 189 economies in the world. In the latest Doing Business report, Taiwan took second place in the world in the getting electricity category, its highest position among the 10 sub-factors in the report, unchanged from a year earlier. The World Bank even highlighted Taiwan's getting electricity efforts in the report, saying that the country has simplified the procedure for obtaining excavation permits from authorities, which has reduced the time required for getting an electricity connection. Among the 10 areas focused in the World Bank report, Taiwan made the most significant improvement in the enforcing contracts category, taking the 16th position in the latest report, jumping from the 93rd spot seen a year earlier. In the construction permits category, Taiwan was ranked sixth in the latest report, up from 11th a year earlier; in the registering property category, the country took 18th place, improving from 40th a year earlier; in the protecting minority investors category, it rose to 25th place from 30th recorded a year ago. However, Taiwan witnessed its ranking in the trading across borders category fall to 65th spot in the latest report from 32nd a year earlier, while its position in the starting a business category dropped to 22nd place from 15th, the report showed. (By Rita Cheng and Frances Huang)


Updated : 2021-09-28 16:32 GMT+08:00