Singapore among world's best places to run business.
Singapore and Hong Kong have been ranked as the world's best places to run a business.
This is according to the World Bank's annual competitiveness survey that came out today.
Singapore and Hong Kong topped the survey for the eighth straight year.
New Zealand, the United States and Denmark rounded out the top five, as a year ago.
China fell five notches this year to 96th place and was leapfrogged by Russia.
The rankings focus on what a small or medium-sized business faces in its home country, as opposed to how a multinational giant would fare in the same environment.
The data was based on surveys of more than 10 thousand professionals, mostly people who routinely help administer or give advice on legal and regulatory issues in a country.
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