With the World Bank acknowledging China's "eagerness to reform" in the midst of trade negotiations with the United States by accelerating and multiplying the reforms it implemented in 2019 and the ones planned for the next, the bank put China in the 31st place in ease of its doing business index.
Just this year, Beijing had seven reforms implemented that include streamlining procedures for registering property to starting a business.
The past years have seen Beijing coming under criticism from other countries on what is perceived as difficulty operating a business in China.
In its 2020 "Doing Business" report, the World Bank suggested that China is hearing the message and is starting to address these concerns.
The seven reforms in 2019 is a sharp jump from the six reforms between 2016 and 2018.
This year, simplifying property registration and starting a business is simpler.
Likewise, the World Bank said that eight reforms will be implemented by China in 2020, two of which will make it easier to access electricity and enforce contracts.
All of these reforms target the World Bank's 'Doing Business' indicators.
The bank's annual rankings are based on scores in 10 areas, including dealing with access to credit, construction permits, cross-border training and paying taxes among others.
China needs to work on areas of access to credit and ease of paying taxes.
A company in China spends 138 hours per year filing seven tax payments compared to the 64 hours to file five tax payments in Singapore.
Still, this is an improvement from a 2006 report showing Shanghai businesses spending 832 hours per year on average to file, pay and prepare taxes with 37 payments.
China making the drastic jump is a sign that developing countries are catching up with their advanced peers.
China leapfrogged France in the "Doing Business" report.
The ability to do business easily comes with higher levels of entrepreneurship that bring about better employment, higher tax revenues and gains in personal income.
Outcomes like these help support the global economy.
Rita Ramalho, a senior manager in the World Bank's global indicators group and one of the main authors of the "Doing Business 2020" report said that when obstacles in ease of doing business get removed, economic expansion happens.
She added that research had been done and it really shows that there is a correlation on having simpler, better business regulations and having higher growth rates.
Some of the 115 of 190 economies ranked make it easier to do business.
It takes entrepreneurs nearly six times longer, on average, to have a business get started in their countries if they are at the bottom 50 economies than if they are at the top 20.
