Doing Business 2007 Report, released by the World Bank and International Finance Corporation (IFC), has shown that China has sped up its reform space in the past year and is now listed as one of the top ten business reformers out of 175 countries.

The report says that China has implemented reform to simplify business registrations and conducting deals, to ease access to credit and strengthen the protection of investors. China's pace of reform is now ranked first in East Asia and the Pacific region and fourth in the world.

The updated Corporation Law reduced the length of time from 48 days to 35 days for a business registration and reduced the minimum cost of starting a business from 947 percent of per capita income to 213 percent. It has also strengthened the regulation of internal deals and protection of investors.

China has also established the consumer credit information system. Banks can consult 340 million residents' credit records before they provide loans.

In addition, the newly-used customs application procedures in the internet has shortened the pass time of imports and exports by two days.

By People's Daily Online