Hong Kong has been ranked fifth out of 175 economies in terms of ease in doing business, up from sixth last year, according to the World Bank's latest report.

It said Hong Kong is among the world's top-ranked economies in ease of trading across borders (first), getting credit (second), protecting investors (third), starting a business (fifth) and paying taxes (fifth).

It found that Hong Kong has also made improvements in several areas, particularly in dealing with licenses and registering property.

The Government welcomed the findings, which affirm Hong Kong's leading position in business friendliness. It will continue to improve the business environment by partnering with the business sector and reforming regulatory regimes to minimise red tape.

The report says Singapore is first, followed by New Zealand, the US and Canada.