The China (Zhejiang) Pilot Free Trade Zone has been ranked 28th in the world in terms of business climate, according to a recent report by KPMG Consulting (China) Co Ltd. 

KPMG is a global accounting firm offering services in auditing, taxes and advising. 

The city, which scored 78.54 points, moved up 15 spots from 2019, an indication of a rapid improvement in its business climate.

The simulation ranking, which was based on 29 indexes, saw Zhejiang FTZ score high in indicators such as contract execution, registration of enterprise and property as well as construction permit application. 

The city topped the list in terms of contract execution and saw robust growth in terms of construction permit application, a jump of 50 spots over the previous year.

In addition to the business environment assessment system and methods by the World Bank and the National Development and Reform Commission, special requirements from local industrial development for business climate were also taken into account in the report, according to KPMG.

The report surveyed enterprise leaders, government officials, intermediary agents and experts in FTZ. 

A total of more than 30 enterprises were interviewed by telephone and 362 questionnaires were collected from enterprises, among which more than 75 percent were private.