Report hails business reforms

China has introduced important reforms since June 2007 that make it easier for businesses to obtain credit, pay taxes and enforce contracts, according to Doing Business 2009 - the sixth in a series of annual reports published by the World Bank Group's International Finance Corporation (IFC).

As a result, the country's global ranking in terms of the ease of doing business rose to 83 from 90 in the last report.

China introduced a new property law in October 2007 that made obtaining credit easier by expanding the range of assets used as collateral to include accounts receivable. It also reduced the tax burden on businesses by cutting the corporate income tax, according to the report, released yesterday.