December 7th, 2012
07:22 AM GMT
Hong Kong (CNN) – While China has become the world's second largest economy, doing business in China is now perceived to be more corrupt, according to Transparency International.
China dropped five spots to 80th place out of 176 countries surveyed in the 2012 Corruption Perceptions Index. "The world's leading economies should lead by example, making sure that their institutions are fully transparent and their leaders are held accountable. This is crucial since their institutions play a significant role in preventing corruption from flourishing globally," said Cobus de Swardt, managing director of the Berlin-based corruption watchdog.
Denmark, Finland, New Zealand, Sweden and Singapore topped the list as the cleanest countries to do business in the world, according to the survey released Wednesday. Somalia, North Korea, Afghanistan, Sudan and Myanmar ranked at the bottom.
The United States was ranked 19th in the world, below Japan and the UK and ahead of Chile and Uruguay.
In Europe, Greece - whose ailing economy faces tough austerity measures to meet international standards to get bailout cash - plummeted to 94th place on the list, down from the 80th spot last year.
Corruption Perceptions Index 2012 - Top 25
1. (tie) Finland
1. (tie) New Zealand
7. (tie) Norway
9. (tie) Netherlands
14. Hong Kong
17. (tie) United Kingdom
19. United States
20. (tie) Uruguay
22. (tie) France
22. (tie) Saint Lucia
25. (tie) Ireland
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