By CRI Hong Kong Correspondent, Liang Tao

The World Bank's latest report says Hong Kong has been ranked fifth out of 175 economies in terms of ease in doing business, up from sixth last year.

It said Hong Kong is among the world's top-ranked economies in terms of trading across borders, getting credit, protecting investors, starting a business and paying taxes.

It found that Hong Kong has also made improvements in several areas, particularly in dealing with licenses and registering property.

The government welcomed the findings, which affirm Hong Kong's leading position in business friendliness.

It will continue to improve the business environment by partnering with the business sector and reforming regulatory regimes to minimize red tape.

The report says Singapore is first, followed by New Zealand, the US and Canada.

Liang Tao, CRI News, Hong Kong