HK drops to fifth in world business city rankingsLocal | 1 Nov 2017 10:51 am
Hong Kong slipped down the rankings of the world's easiest places to do business, a report shows.
This year, the city fell by one rung to the fifth from the year before in the World Bank's Doing Business 2018 report. The drop was mainly due to the lower score in the framework of "resolving insolvency" for the corporate sector.
But the report commends Hong Kong for successful implementation of reforms to make doing business easier, namely improving the quality of the land administration system by enhancing its reliability and establishing a complaints mechanism.
A government spokesman said red tape will be cut, outdated or unnecessary regulations on business will be ended, and the regulatory efficiency will be improved. Business compliance costs, will also be reduced.
The report compares the ease of doing business in 190 economies across 10 indicators. Hong Kong performs well in four indicators, namely "starting a business" (third), "paying taxes" (third), "getting electricity" (fourth) and "dealing with construction permits" (fifth).