The introduction of the World Bank's new business environment indicators marks signifi-cant innovations in terms of design philosophy,indicator content,and assessment methods compared to previous versions.Among the ten core indicators of this new business environment framework,business insolvency is considered to play a crucial role in enhancing the business environment of economies global-ly.Accurately understanding the original intent behind the reform of the new indicators,as well as the specific details within the business insolvency indicator and the theoretical foundations underlying the best practices associated with it,is key to ensuring the effective implementation of this project domestically.From the perspective of systematically improving the legal framework,it is necessary,in the upcoming amendments to the Enterprise Bankruptcy Law,to align with the latest trends and best practices in bank-ruptcy law reforms from other jurisdictions.The focus should be on systematically revising and impro-ving the relevant rules in areas such as the duties of directors in the vicinity of bankruptcy,cross-border insolvency,the reorganization of small and micro enterprises,and new financing mechanisms for restruc-turing.This approach will effectively promote the development of a market-oriented,rule-of-law-based,and internationalized business environment in China.
B-READYBusiness InsolvencyDoing BusinessBankruptcy of Micro,Small and Me-dium EnterprisesCross-border Insolvency
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