World Bank gives credit to Chinese courts in ‘Doing Business 2020’ report
China has earned noticeable advancements in rankings of several judicial indicators in the “Doing Business 2020” report released by the World Bank on Oct 24, rising from last year’s 46th place to 31st.
The country ranked fifth in “Enforcing Contracts” and 51st in “Resolving Insolvency”, and scored 16.5 points out of the total 18 points in “Quality of Judicial Process”, the highest around the world.
China has been committed to improving the “judicial experience” for investors, and the report shows that it now takes 496 days on average for companies to settle their disputes in Chinese courts at a total expense of 16.2 percent of the sum claimed. That is better than the average performance across East Asia and the Pacific.
The World Bank reckons that reforms have made China one of the most efficient economies in the world in terms of contracts enforcement.
News from: Supreme People’s Court of the People’s Republic of China.