India and China made the top 10 list of governments that have done the most in the past year to improve the ease of doing business in their countries, according to a report by the World Bank.

China which made the top 10 improved list for the second year in a row leapfrogged France to take the 31st spot in the "ease of doing business" ranking, moving up 15 places, according to the report.

New Zealand continues to top the global rankings, with Singapore retaining its second spot. Hong Kong moved up a notch to third place, trading places with Denmark, while South Korea stayed in fifth. The US moved up two spots to No 6, knocking Georgia back to seventh, while the UK, Norway and Sweden rounded out the top 10.

The report credited China with improving protections for minority investors, strengthening procedures for enforcing contracts and making trade easier with changes to customs administration and port infrastructure.

"Removing barriers facing entrepreneurs generates better jobs, more tax revenues and higher incomes, all of which are necessary to reduce poverty and raise living standards," World Bank Group President David Malpass said in a statement.

India landed on the most-improved list for the third year in a row. 

Governments of 115 economies around the world launched 294 reforms over the past year to make doing business easier for their domestic private sector, paving the way for more jobs, expanded commercial activity, and higher incomes for many, according to the World Bank study.