China has earned noticeable advancements in rankings of several judicial indicators in the “Doing Business 2020” report released by the World Bank on Oct 24, rising from last year’s 46th place to 31st.

The country ranked fifth in “Enforcing Contracts” and 51st in “Resolving Insolvency”, and scored 16.5 points out of the total 18 points in “Quality of Judicial Process”, the highest around the world.

China has been committed to improving the “judicial experience” for investors, and the report shows that it now takes 496 days on average for companies to settle their disputes in Chinese courts at a total expense of 16.2 percent of the sum claimed. That is better than the average performance across East Asia and the Pacific.

The World Bank reckons that reforms have made China one of the most efficient economies in the world in terms of contracts enforcement.

During the report’s evaluation period from May 1, 2018 to April 30, 2019, the Supreme People’s Court (SPC), China’s top court, issued eight regulatory documents to limit the number of hearings for deferred trials, further specify the work division, and develop an online platform to facilitate material submission, among other advances.

The SPC’s improvements to its insolvency legal system are also recognized by the World Bank, which raised China’s ranking by 10 spots in that indicator from last year.

The World Bank says that Chinese courts have increased participation of creditors in insolvency proceedings as well as the convenience of handling of insolvency-related cases, meaning that it has partially recognized the top court’s interpretations of China’s Law on Enterprise Bankruptcy.

The SPC has set up special courts for the trial of insolvency-related cases in Beijing, Shanghai and Shenzhen, and detailed performance assessment for courts hearings such cases, which has greatly improved trial quality and efficiency and won greater trust of creditors in insolvency proceedings.