China has leapfrogged France, the Netherlands and Switzerland as a place to do business according to a flagship annual ranking produced by the World Bank, after slashing red tape by expanding the use of technology by its bureaucracy.
Its advances, which propelled it from 46th place last year to 31st place out of 190 countries, are part of a broader trend of convergence in regulatory and administrative practices between emerging markets and advanced economies.
India too has been steadily rising in the World Bank rankings and is in now in 63rd place, higher than Luxembourg, while Pakistan and Nigeria had also made significant improvements.
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