Taiwan climbs to 13th in World Bank’s ‘Doing Business’ rankings

Washington, Oct. 31 (CNA)-Taiwan has climbed two spots to reach the 13th position among 190 economies in the latest “Doing Business 2019” rankings, according to the international economic organization.

The improvement was reflected as Taiwan received a score of 80.90 points, up 0.24 points from a year earlier, according to the report, which was issued on Wednesday.

In the Asia-Pacific region, Taiwan also finished fifth, an improvement from sixth place last year, for the ease of doing business, behind New Zealand (No. 1 in the world with 86.59 points), Singapore (No. 2; 85.24), Hong Kong (No. 4; 84.22) and South Korea (No. 5; 84.14), the report said.

The Doing Business report focuses on 10 areas to assess a country’s business environment: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, trading across borders, paying taxes, enforcing contracts, and resolving insolvency.

Among the 10 criteria in the World Bank’s report, Taiwan improved in two of them this year. It finished with a score of 87.11 for dealing with construction permits, up 0.79 from a year ago, and 75.00 for protecting minority investors, up 1.67 from the previous year.

However, Taiwan fell 0.12 to the score of 85.10 for paying taxes from a year earlier, according to the World Bank.

The report praised Taiwan for making it less time-consuming when dealing with construction permits by “improving the efficiency of its single window counter in the Taipei City Construction Management Office.”

Taiwan performed the best in the category of dealing with construction permits, ranking second in the world, according to the report.

Also in the 2019 rankings, the United States, the largest economy in the world, took eighth with a score of 82.75 points, while China, the world’s second largest economy, scored 73.64 points to rank 46th.