• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Friday, January 27, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

World Bank accepts its folly, downgrades China in the Ease of Doing Business Rankings after severe backlash

Sohil Sinha by Sohil Sinha
December 19, 2020
in Geopolitics
Reading Time: 4 mins read
0
China, World Bank, Doing Business Report
251
VIEWS
Share on FacebookShare on Twitter

After reviewing data anomalies, the World Bank has announced that China’s ranking would have been lower by seven notches for 2018, following a corrected Doing Business Rankings report. In a year blotted with severe economic and diplomatic losses for China, the announcement by the World Bank just adds to the insult.

The authoritarian government in China had sent false and compromised data to the World Bank. But the World Bank corrected this after they detected the anomalies and discrepancies which led to improved rankings for China back in 2018. There has been a lot of backlashes and the World Bank had been put under question on its credibility. But most significantly, this will be an insult to China, as it is looking for new avenues to revive its economy following its failures with the BRI and the RCEP.

Also Read

Is South-East Asia ready for the Chinese collapse?

Kenya’s influence in East Africa is being threatened by a neighbour

After several anomalies concerning data modifications in previous reports, the World Bank decided in August to stop the release of its Doing Business Report. In a statement dated 16 December, the analysis addressed detailed irregularities and corrections necessary affecting data in four countries – China, the United Arab Emirates, Saudi Arabia, and Azerbaijan.

Concerning China, in Doing Business rankings of 2018, there was a reported score of 65.3 with a global ranking of 78, which is similar to the rank of Chinese business start-ups, credit, and tax payment indicators in 2017.

The World Bank’s review of data irregularities in doing business suggested that the Chinese ranking in 2018 should have been much lower and thus the World Bank issued a statement, “After correcting the irregularities described above, the Doing Business 2018 score is 64.5. Taking as given the published data for all other countries, China’s global ranking in Doing Business 2018 would have been 85, a decline of 7 places relative to the previous year.” Also, a press release of the World Bank considered all data changes between the data dissemination for the Bank-wide analysis and final release in the 2016, 2017, 2018, 2019, and 2020 reporting periods.

The World Bank has also updated the Doing Business Rankings of three other countries – Saudi Arabia, the United Arab Emirates, and Azerbaijan – in addition to China.

At 16, the ranking of the UAE in Doing Business 2020 remained unchanged while Saudi Arabia’s ranking was slightly decreased from 62 to 63. Azerbaijan has boosted its ranking to 28, compared with 34.

In a statement issued on 27 August, the World Bank emphasized that the anomalies in the Doing Business 2018 and Doing Business 2020 report released in October 2017 and 2019 concerning changes in data have been identified.

“Management immediately called for a systematic review and assessment of data changes that occurred subsequent to the institutional data review process for the last five Doing Business reports,” The World Bank noted.

The World Bank said it is also conducting an external analysis of the Doing Business methodology to improve the product and its relevance to the world’s stakeholders, although the results planned to be in mid-2021 are not linked to particular data irregularities.

Moreover, in a win for the current Indian administration under Prime Minister Narendra Modi in line with the 2020 report of “Doing Business,” India jumped 14 positions into sixty-third place. In five years, India increased its rank by 79.

This has not been the first time that international financial institutions such as the World Bank or the International Monetary Fund (IMF) have been questioned on their credibility in regards to their dealings with China.

The increasing Chinese presence in the IMF and World Bank over the past decade has led Beijing to fool the World Bank in regards to the Ease of doing business’ rankings. Beijing with its false data has conned the world bank and has painted a flourishing image of China’s economy to provide the people’s Republic of China worth Billions of Dollars of aid.

With a sinking economy, China’s biggest multi-continental BRI project – a project which was destined to revive the Chinese economy, stands at the brink of structural failure, at a time when China’s bilateral relations with major economies have soured. This also comes at a time when China’s most ambitious RCEP is destined to not produce results, and China finds itself at the doors of the TPP to revive its economy, we can look at the dire state of the Chinese economy.

Read More: Prepare for a ‘big rise’ in bad loans, Chinese banking regulatory authority warns China

Thus, China needs to recede its aggressive and belligerent policies in trade and diplomacy if it expects to be pulled out of the rut it is in. And the massive correction in the World Bank data might just be the start of the showcase of the fragile Chinese economy.

Tags: ChinaDoing Business ReportExhaustive ReadsWorld Bank
ShareTweetSend
Previous Post

Chinese cities turn dark and industrialists go out of business as China’s tariff war on Australian coal backfires

Next Post

Pakistan may become the only nation to sign a peace deal with Israel and still not get any favours in return

Also Read

Leopard Emoji

Leopard Emoji; Germany’s racist mask falls off

January 27, 2023
Rwanda- Beyond the 1994 genocide

Rwanda- Beyond the 1994 genocide

January 27, 2023
Sean Penn and Volodymyr Zelensky- A match made in heaven

Sean Penn and Volodymyr Zelensky- A match made in heaven

January 27, 2023
NATO-EU coerce Belarus to abandon Russia

NATO-EU coerce Belarus to abandon Russia

January 27, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
Joy Piccolo O’ Connell in tv

Joy Piccolo O’ Connell and her role as a wife while her husband was battling cancer

October 8, 2021
Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

May 9, 2022
Saudi Arabia Caribbean

Saudi Arabia expands its Caribbean foothold with an $80m gift

January 22, 2023
World Economic Forum

“Sex, sleaze, and drugs” is what WEF is all about

January 18, 2023
Abrams tanks

The real reason why US denied giving Abram tanks to Ukraine

January 10, 2023
Canada Christian

Justin Trudeau’s assault on Western Morality and Christian Values

January 27, 2023
Leopard Emoji

Leopard Emoji; Germany’s racist mask falls off

January 27, 2023
St. Lucian PM definitely doesn’t give a damn about accountability

St. Lucian PM definitely doesn’t give a damn about accountability

January 27, 2023
Ethnic cleansing, Coups and Coercion- the tools US (NATO) uses to increase its influence

Ethnic cleansing, Coups and Coercion- the tools US (NATO) uses to increase its influence

January 27, 2023
Canada Military scrap Ukraine

Sneering at its peak! Canada aids Ukraine with its Military scrap

January 27, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

©2023 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.