Hong Kong tops list of the world's best place to do business

China falls to 96th place from 91st.

The World Bank's annual competitiveness survey saw Singapore tied with Hong Kong as the world's best place to run a business.

Both finance hubs topped the survey for the eighth straight year. New Zealand, the United States and Denmark were the other top five countries.

The "Doing Business 2014" report said many countries are making it easier for people to start and run a local business, with low-income economies moving more quickly than larger ones to improve.

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.

Data was based on surveys of over 10,000 professionals, most of who help administer or give advice on legal and regulatory issues.

Countries were scored on a range of issues. These included how many days and procedures it takes to start a business; the ease of credit and the cost of exporting or importing a container.

China scored poorly on the challenges of starting a business, protecting investors dealing with construction permits and making tax payments.