HONG KONG -- Hong Kong was ranked the fourth globally on the ease of doing business, moving up one place from being the fifth last year, the Hong Kong Special Administrative Region (HKSAR) government quoted a World Bank annual report as saying on Wednesday.

The World Bank's Doing Business 2019 Report, which was released Wednesday, compared the ease of doing business in 190 economies through 10 indicators. Hong Kong performed well in a number of the indicators and was ranked the first for both "paying taxes" and "dealing with construction permits".

"The score of Hong Kong has improved from 83.44 last year to 84.22 this year, reflecting continuous enhancements in our business facilitation measures," the HKSAR government said. "The World Bank commends Hong Kong for the successful implementation of reform measures to improve the ease of doing business."

"In the past 10 years, Hong Kong has maintained its position among the world's top ranking economies in the report, re-affirming our favorable business environment for overseas companies to set up their regional headquarters and offices, and for all businesses to flourish," a spokesman said.

The HKSAR government will study the report carefully and continue to work closely with the business sector and other stakeholders to reform the existing regulatory regimes, enhance regulatory efficiency and reduce business compliance costs, so as to further improve the business environment in Hong Kong, the spokesman added.