08.02.15 22:36 Age: 3 yrs
Lehman, Lee & Xu Recognized by The World Bank
February 09, 2015, Beijing – Lehman, Lee & Xu has been recognized by The World Bank for its valuable contribution to the Doing Business 2015: Going Beyond Efficiency annual report, published on October 29, 2014. The report, a World Bank Group flagship publication, is the 12th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 189 economies.
Doing Business 2015: Going Beyond Efficiency finds that entrepreneurs in 123 economies saw improvements in their local regulatory framework last year. Between June 2013 and June 2014, the report, which measures 189 economies worldwide, documented 230 business reforms, with 145 reforms aimed at reducing the complexity and cost of complying with business regulation, and 85 reforms aimed at strengthening legal institutions - with Sub-Saharan Africa accounting for the largest number of such reforms.
Doing Business measures regulations affecting 11 areas of the life of a business. The report cites Chinese improvements in paying taxes and in ease of starting a business in raising China’s overall rank three points from 93 to 90, out of 189 countries surveyed. The report analyzed efficiency of regulations and procedures for starting and operating a business in Beijing and in Shanghai.
According to the report, “China made starting a business easier by eliminating both the minimum capital requirement and the requirement to obtain a capital verification report form an auditing firm.” This reform contributed to a 23 point rise from 151 in 2014 to 128 in 2015 in this metric.
The report also concludes that, “China made paying taxes easier for companies by enhancing the electronic system for filing and paying taxes and adopting new communication channels within its taxpayer service [system].” China rose 7 points in the Paying Taxes metric from 127 in 2014 to 120 in 2015.
Lehman, Lee and Xu has been pleased and honored to cooperate with the World Bank in analyzing changes in Chinese laws and regulations as they effect domestic and foreign invested business establishment in the country. Managing Partner, Mr. Edward Lehman has lived and worked in China for over 28 years and continues to be amazed at the swift pace of economic growth and legal reform. The firm looks forward to continued opportunities for cooperation with the World Bank as it prepares the next Doing Business report for 2016.