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世界银行中国投资环境调查.pdf
DRAFT CP - China 2003 DEC12a.pdf
DRAFT CP - China 2003 DEC12b.pdf
DRAFT CP - China 2003 DEC12c.pdf
Investment Climate Surveys
Draft Country Profile
China
2003 SURVEY
PUT COUNTRY MAP HERE
Region: East Asia and Pacific (EAP)
Income Group: Lower Middle
Population (2003): 1288.4 million
GNI per capita (2003): US$1100
http://rru.worldbank.org/InvestmentClimate
s
t
n
e
t
n
o
C
Introduction
Snapshot
Infrastructure
Access to Finance
Labor Markets
Corruption & Regulatory Burden
Courts & Crime
Innovations & Technology
Trade
3
4
5
6
7
8
9
10
11
Summary of Investment Climate Indicators 12
Introduction
Investment Climate
The term “investment climate” describes the many factors that contribute to shaping the decisions of
firms to invest productively. These factors can be accommodating or constraining and play an
important role in whether a country prospers or not. A good investment climate encourages firms to
operate efficiently and competitively by decreasing risks, costs, and barriers to competition. Such an
environment strengthens incentives for firms to innovate and to increase their productivity—a key
factor in sustainable development. A more productive private sector, in turn, expands employment and
contributes taxes necessary for public investment in health, education, and other services. In contrast,
a poor investment climate increases the obstacles to conducting business activities and decreases a
country’s prospects for reaching its potential in terms of employment, production, and welfare.
Investment Climate Survey
The Investment Climate Survey (ICS) is conducted by the World Bank and its partners across all
geographic regions and covers firms of all sizes in many industries. For countries in the Europe &
Central Asia (ECA) region, the project is administered in conjunction with the European Bank for
Reconstruction and Development (EBRD) and branded as the Business Environment and Enterprise
Performance Survey (BEEPS). The ICS collects a wide array of qualitative and quantitative information
through face-to-face interviews with managers and owners regarding the investment climate in their
country and the productivity of their firms. Topics covered in the ICS include the obstacles to doing
business, infrastructure, finance, labor, corruption and regulation, contract enforcement, law and order,
innovation and technology, and firm productivity. Taken together, the qualitative and quantitative data
help connect a country’s investment climate characteristics with firm productivity and performance.
The ICS database is intended to be useful for both policymakers and researchers, and the surveys are
to be repeated over time to track changes and benchmark the effects of reforms.
Country Profiles
The country profiles produced by the Investment Climate Unit (CICIC) of the World Bank Group provide
an overview of key investment climate indicators for a country with benchmarks against their
respective geographical region and a standard group of countries with similar incomes. Breakdowns by
firm size are contained in tables at the back of the document along with all statistics used in the
graphs.
A fixed set of topics is covered for all countries with slight variations in indicators (subject to data
availability). This format allows comparisons of countries across topics. All indicators are based on the
responses of firms.
To learn more about the firms sampled for this country profile (additional indicators and tabulations by
industry, exports, and ownership) or to download profiles of other countries, please visit the ICS home
page listed below. Currently available at the ICS website are survey results on the investment climate
in some 60 countries, based on data from more than 28,000 firms.
http://rru.worldbank.org/InvestmentClimate
CHINA 2003
The country profile for China is based on data from the Investment Climate Survey conducted by the
World Bank in 2003. The benchmarks include the averages of countries in East Asia and Pacific and
the lower middle income group.
Below is a snapshot of the constraints to investment and doing business as perceived by firms. The
first graph presents the top 10 constraints as identified by firms in China benchmarked against the
regional average. The second graph shows the top 3 constraints for small, medium, and large firms in
China.
Snapshot of the Business Environment in China
Top 10 Constraints for Entrepreneurs
(Percentage of Firms Identifying Problem as "Major" or "Very Severe" Obstacle)
East Asia and Pacific
Tax Rates
Economic &
Regulatory
Policy
Uncertainty
Skills &
Macro-economic
Electricity
Corruption
Tax
Anti-competitive
Telecommu-
Education of
Instability
Available
Workers
Administration
or informal
practices
nications
Access to
Financing
Perceptions of Constraints by Firm Size: China
(Percentage of Firms Identifying Problem as "Major" or "Very Severe" Obstacle)
Small Firms
(1-49 Employees)
Medium Firms
(50-249 Employees)
Large Firms
(250 Employees or More)
50
45
40
35
30
25
20
15
10
5
0
50
45
40
35
30
25
20
15
10
5
0
Economic &
Regulatory
Policy
Uncertainty
Tax Rates
Corruption
Tax Rates
Skills &
Education of
Available
Workers
Electricity
Tax Rates
Economic &
Regulatory
Policy
Uncertainty
Macro-
economic
Instability
http://rru.worldbank.org/InvestmentClimate
ICS Country Profile: CHINA 2003
4
Infrastructure
strong
life of
infrastructure
infrastructure
en-
A
hances the competitiveness of
an economy and improves the
quality of
its residents.
Good
connects
firms to their customers and
suppliers, and enables the use of
modern
technolo-
gies. Conversely, deficiencies in
infrastructure create barriers to
opportunities and increase costs
for all
from microenter-
prises to multinational corpora-
tions.
production
firms,
Climate
physical
construction
Investment
Surveys
capture the dual challenges of
providing strong infrastructure:
the
of
roads, power lines, water sys-
tems, etc.; and the develop-
ment of institutions that effec-
tively provide and maintain pub-
lic services.
The firstsetofindicators shows
how firms perceive two compo-
infrastructure as con-
nents of
straints.
Inadequate transpor-
tation and problems with elec-
tricity
increase costs, disrupt
production, and lower revenue.
The second set of indicators
measures the quality of
infra-
structure—the number of days
with power interruptions and the
related losses in sales.
The third set of indicators
evaluates the efficiency of infra-
structure services by quantify-
ing the delays in obtaining elec-
tricity and telephone connec-
tions.
impose
unnecessary costs on firms and
may act as barriers to entry and
investment.
Service delays
s
m
r
i
F
f
o
e
g
a
t
n
e
c
r
e
P
s
y
a
D
s
y
a
D
35
30
25
20
15
10
5
0
18
16
14
12
10
8
6
4
2
0
40
35
30
25
20
15
10
5
0
ICS: Infrastructure as a Constraint
Firms Identifying Transportation as Major
Firms Identifying Electricity as Major
Constraint
Constraint
China
East Asia and Pacific
Lower Middle Income
ICS: Quality of Infrastructure
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
P
e
r
c
e
n
t
a
g
e
o
f
S
a
e
s
l
Days of Power Outages
Percentage of Sales Lost to Power Outages
ICS: Service Delays
Delays in Obtaining Electricity Connections Delays in Obtaining Telephone Connections
China
East Asia and Pacific
Lower Middle Income
http://rru.worldbank.org/InvestmentClimate
ICS Country Profile: CHINA 2003
5
Finance
Efficient
payment
financial markets
Developed
provide
services,
mobilize savings, and finance in-
vestment.
financial
markets reduce the reliance on
internal funds and money from
informal sources such as family
and friends by connecting firms
to a broad range of lenders and
investors.
Climate
Investment
Surveys
provide indicators of how firms
financial envi-
perceive their
ronment and finance their
in-
vestment.
The firstsetofindicators mea-
sures the degree to which firms
perceive access and costs of
finance as constraints
to in-
Inadequate financ-
vestment.
ing possibilities create difficul-
ties in meeting short term pay-
ments for labor and supplies as
well as longer term investment.
The second indicator compares
the relative usage of various
for
sources
financing invest-
ment.
Excessive reliance on
internal funds is a likely sign of
inefficient
intermedia-
tion.
financial
facilities,
overdraft
The third set of indicators fo-
cuses on the use of bank loans
and
and
quantifies the burden imposed
by loan requirements, which is
measured by collateral
levels
relative to the value of the loan.
Excessive
re-
quirements are likely to con-
strain investment opportunities.
collateral
loan
s
m
r
i
F
f
o
e
g
a
t
n
e
c
r
e
P
35
30
25
20
15
10
5
0
ICS: Access to Finance as a Constraint
Firms Identifying Access to Finance as
Firms Identifying Cost of Finance as Major
Major Constraint
Constraint
China
East Asia and Pacific
Lower Middle Income
ICS: How Firms Finance Investment
China
East Asia and Pacific
Lower Middle Income
0
20
10
Percentage of Investment Financed by:
30
40
50
60
70
80
90
100
Internal Funds
Banks
Leasing
Informal Sources
Trade Credit
Other
ICS: Bank Loans and Collateral
e
g
a
t
n
e
c
r
e
P
160
140
120
100
80
60
40
20
0
Firms with Bank Loans/Overdraft
Value of Collateral as Percentage of Loan
Accounts
Value
China
East Asia and Pacific
Lower Middle Income
http://rru.worldbank.org/InvestmentClimate
ICS Country Profile: CHINA 2003
6
Labor
Jobs are the main source of in-
come for people—and the main
pathway out of poverty for the
poor. A sound investment cli-
mate contributes to the creation
opportunities,
of
investment
in the workforce,
increases in wages, and, ulti-
mately, a more productive and
prosperous society.
employment
constraints
Investment Climate Surveys col-
information on the labor
lect
market
faced by
firms and also on the character-
istics of workers in the firms
surveyed, including human capi-
tal.
The firstsetofindicators meas-
ures the extent to which firms
perceive labor
regulations and
the skill level of workers as con-
straints. The inability to hire or
fire for due cause and the lack of
qualified workers
to
inefficient production and higher
costs.
leads
The second set of indicators
highlights firm investment in the
skills and capabilities of
their
workforce.
Incidence and in-
tensity of training is measured
by the percentage of firms that
offer
training and the
share of skilled workers receiv-
ing formal training.
formal
The thirdsetofindicators pre-
sents the composition of
the
firms’ workforce by skill. Policies
that encourage firms to invest in
the human capital
their
workforce can play a critical role
in increasing the
skills
and
wages of men and women.
of
35
30
25
20
15
10
5
0
s
m
r
i
F
f
o
e
g
a
t
n
e
c
r
e
P
90
80
70
60
50
40
30
20
10
0
70
60
50
40
30
20
10
0
e
g
a
t
n
e
c
r
e
P
e
c
r
o
f
k
r
o
W
m
r
i
F
f
o
e
g
a
t
n
e
c
r
e
P
ICS: Labor Regulations & Skill as Constraints
Firms Identifying Labor Regulations as
Firms Identifying Labor Skill Level as Major
Major Constraint
Constraint
China
East Asia and Pacific
Lower Middle Income
ICS: Investing in Workers
Firms Offering Formal Training
Skilled Workers Receiving Formal Training
China
East Asia and Pacific
Lower Middle Income
ICS: Skill Composition of Firms' Workforce
Managers/
Professionals
Non-production
Skilled Production
Unskilled Production
Workers
Workers
Workers
http://rru.worldbank.org/InvestmentClimate
ICS Country Profile: CHINA 2003
7
Corruption &
Regulatory
Burden
failures
productive
The manner in which govern-
ments regulate plays a signifi-
cant role in shaping investment
decisions and how firms do
Effective regulations
business.
address market
that
inhibit
investment
and reconcile private and public
interests. Yet, regulations pre-
sent major administrative and
financial burdens on firms when
poorly designed or ineffectively
implemented. Often, these costs
are in the form of bribes when
firms are required to make
“unofficial” payments to public
officials to get things done.
Climate
Investment
Surveys
provide qualitative and quanti-
tative measures of corruption
and the regulatory burden.
The first set of indicators fo-
cuses on the perceptions of firms
regarding general corruption and
the
unofficial
payments, i.e., the “bribe tax”.
amount
of
The second set of indicators
to which
identifies the extent
and
specific
regulatory
require
bribe payments.
administrative
functions
from managing
The thirdsetofindicators cap-
tures the “time tax” imposed by
regulation. Excessive time taken
away
the
productive aspects of their firms
and spent dealing with govern-
ment
regulations and tax in-
spectors impose additional costs
on firms.
45
40
35
30
25
20
15
10
5
0
45
40
35
30
25
20
15
10
5
0
25
20
15
10
5
0
s
m
r
i
F
f
o
e
g
a
t
n
e
c
r
e
P
s
m
r
i
F
f
o
e
g
a
t
n
e
c
r
e
P
t
n
e
m
e
g
a
n
a
M
i
r
o
n
e
S
f
o
e
g
a
t
n
e
c
r
e
P
e
m
T
i
ICS: Corruption as a Constraint
3
2.5
2
1.5
1
0.5
0
P
e
r
c
e
n
t
a
g
e
o
f
S
a
e
s
l
China
East Asia and Pacific
Lower Middle Income
Firms Identifying Corruption as Major Constraint
Unofficial Payments to "Get Things Done" (% Sales)
ICS: The "Bribe Tax" in Public Services
Firms Expected to Give
Gifts in Meetings with Tax
Firms Expected to Give
Gifts to Register Their
Firms Expected to Give
Gifts to Obtain Import
Inspectors
Business
Licenses
China
East Asia and Pacific
Lower Middle Income
ICS: The "Time Tax" of Regulation
14
12
10
8
6
4
2
0
D
a
y
s
i
n
T
a
x
I
n
s
p
e
c
t
i
o
n
s
/
M
e
e
t
i
n
g
s
China
East Asia and Pacific
Lower Middle Income
Senior Management Time Dealing with Government Regulations
Time Spent in Tax Inspections/Meetings
http://rru.worldbank.org/InvestmentClimate
ICS Country Profile: CHINA 2003
8
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