Economies in the East Asia and Pacific region carried out 33 business-climate-enhancing reforms during the past year, and while many economies in the region make doing business easy for small and medium-sized entrepreneurs by global standards, the overall pace of reforms slowed, the World Bank Group’s latest Doing Business 2020 study says.

The number of reforms in the region fell by ten over the 12-month period to May 1 and reforms were implemented in fewer than half of its economies (12 out of 25). Even so, five East Asia and Pacific economies are among the top 25 global performers, including Singapore (2nd), Hong Kong SAR, China (3rd); Malaysia (12th); Taiwan, China (15th); and Thailand (21st). China is among the top 10 improvers for a second consecutive year.

“The reform impetus in the East Asia and Pacific region continues, with significant improvements made by some economies, such as China,” said Rita Ramalho, Senior Manager of the World Bank’s Global Indicators Group, which produces the study. “Sustained progress is key to improving the domestic business climate and enabling private enterprises.”

With eight reforms, China improved regulation in most areas measured by Doing Business and implemented the most reforms in the region.