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SINGAPORE: East Asia saw the biggest pickup in the pace of reform to improve the ease of doing business in the past year, according to a recent World Bank report tracking regulations and red tape affecting small- and medium-sized companies.
Presenting the findings, the World Bank said many of the policy changes reflected a sustained commitment to improve competitiveness. They included reforms in Vietnam and China, as well as India.
China, in particular, had focused on easing access to credit, strengthened investor protections and lowered minimum capital requirement for companies last year.
Penelope Brook, director, Indicators and Analysis, Financial & Private Sector Vice Presidency, The World Bank Group, said: "We are seeing a lot of movement in China. Last year, it was property law which had transformed the nature and basis of collaterals in China.
"In India, we've seen a lot of interest in using e-governance. Our sense is that if that is extended to some of the areas that we are looking at around doing business in domestic business regulations, there's huge potential for them to simplify processes and bring down costs."
- CNA/so
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