SHANGHAI, May 8 (Xinhua) -- Shanghai's dynamic business hub is radiating confidence and vitality. In a new World Bank survey of 2,189 Chinese firms, Shanghai stood out with 22 business environment indicators ranking among the world's top performers, more than any other city measured.

The latest World Bank Enterprise Survey, conducted from January 2024 to February 2025, found that Shanghai leads the world in categories from power reliability to electronic payments. This haul even outshines Singapore, which had 10 top-tier indicators in an earlier assessment.

The World Bank introduced the Business Ready (B-READY) Report in May 2023, which is a new approach that draws on a data collection process that includes specially tailored expert questionnaires and firm-level surveys.

According to the survey, China's overall enterprise survey scores were quite strong, exceeding the median of 103 economies in six out of eight topic areas, including commercial dispute resolution, taxation, financial services and international trade.

Notably, among the 59 indicators used in B-READY, China achieved global top-tier performance in 12 indicators, including e-payments, electricity access and workforce training. Additionally, the country reached global advanced standards in areas such as construction permits, water supply, internet connectivity, and innovation.

According to Elaine Chen, a partner at PwC China, which conducted the survey, Chinese firms demonstrated exceptional time efficiency, with VAT refunds processed in just one week and trade clearance time (3 days for exports, 10 for imports, on average) outperforming regional peers.

"China's strong results will be a reference to the World Bank's final evaluation in September," Chen noted.

As an outstanding performer, Shanghai's 22 world-best indicators span a broad array of business concerns. Regarding the reliability of electricity supply, the city's enterprises reported zero power outages in the past year. Regarding access to financial services, Shanghai achieved zero transaction costs for electronic payments.

Shanghai also reported perfect scores in commercial mediation (100), customs satisfaction (99.13), and internet provider flexibility (96.2). Beyond these, the metropolis scored at or near global best practice on measures such as tax processing speed, loan approvals, and internet stability, reflecting its advanced regulatory framework and commitment to efficiency.

What lies behind these numbers is a vigorous push to modernize the city's business environment. Many of Shanghai's reforms in recent years have directly targeted the pain points that the World Bank survey measures. For example, the city enacted in 2016 a regulation on power supply and utilization that requires utility companies to fix outages within an hour.

The findings underscore Shanghai's success in aligning with international standards, streamlining regulations, and enhancing public services -- a testament to China's broader strides in cultivating a business-friendly environment, said Luo Peixin, vice president of East China University of Political Science and Law.

Luo highlighted Shanghai's institutional reforms as key drivers of progress. "Shanghai's model offers a blueprint for nationwide improvements."

After years of steadfast reform, Shanghai has made the business environment a top priority since 2018, when Shanghai launched its first annual action plan of business climate reforms.

Every year since then, the Shanghai municipal government convened a high-profile conference on optimizing the business environment to announce new measures. These action plans have so far introduced over 1,100 specific reform tasks and measures.

Luo noted that by driving institutional reforms and optimizing working methods, Shanghai can further enhance corporate satisfaction and sense of gain.■