China was ranked the seventh in the world in easing tax payments between June 2009 and May 2010 in a report released Thursday by International Finance Corp. (IFC) and the World Bank (WB).

China was also among 15 economies that most reformed their business environment over the past five years, in the report Doing Business 2011: Making a difference for Entrepreneurs, the eighth in a series of annual reports published by IFC and the WB.x Singapore, Hong Kong and New Zealand lead the world in the ease of doing business for local firms.

Singapore has been the world's easiest country for doing business for five years running. Hong Kong held onto the number-two spot in part by increasing the efficiency of its commercial dispute resolution process. China is ranked 79.

Globally, doing business remains easiest in the OECD high-income economies and most difficult in Sub-Saharan Africa and South Asia.

The World Bank Group is one the world's largest sources of funding and knowledge for developing countries. The IFC is an associated institution of the WB.