Taipei, Nov. 16, 2012 (CENS)--Taiwan ranks 16th place worldwide this year in terms of business climate, a major improvement over last year’s 26th place, according to a report publicized by Forbes magazine of the U.S. on Nov. 14.
The magazine rated New Zealand as the best place worldwide to do business this year, followed by Denmark at second place and Hong Kong at third place. The U.S. ranks 12th place and China 96th place.
New Zealand advances one notch from second place last year to the top spot this year, since the company’s transparent and stable business climate encourages entrepreneurs. Although New Zealand’s economy reaches only US$162 billion in scale, the smallest among the top 10 on the list, it secures first place in four of the 11 evaluation items, including personal freedom, investment protection, level of red tape, and lack of corruption.
Denmark stands at second spot, thanks to strong performance in technology, trade freedom, and property protection.
Hong Kong secures third spot, followed by Singapore at fourth place. Taiwan ranks 16th place, ahead of South Korea at 29th place and Japan at 30th place.
Forbes pointed out that Taiwan has a vibrant capitalist economy, the government is reducing its intervention in investment and trade, and large state banks and enterprises have begun to be privatized. Exports, led by electronics, machinery, and petrochemical, provide major momentum for economic development.
Canada drops from top spot to fifth place this year, due to decline in innovation and technology.
Forbes evaluated the world’s 141 economies according to 11 criteria, including property right, innovation, taxation, technology, lack of corruption, freedom (personal, trade, and currency), red tape, investor protection, and performance of stock market.
Ranking of the U.S., the world’s largest economy, drops to 12th place, down from last year’s 10th place. Forbes noted that corporate tax is still the major drag on the U.S. business climate, as its corporate tax is the highest worldwide following cut on corporate tax by Japan this year.
China slips from last year’s 82nd place to 96th place this year. Forbes pointed out that China is confronted with a number of economic challenges including enhancement of domestic demand by curbing high savings rate, maintenance of sufficient employment growth, reduction of corruption and other economic crimes, curbing of economic degradation, and solution of social conflict brought on by rapid economic development.
(by Philip Liu)
