China ranks as the world's least transparent market.
The survey rates 35 of the world's capital markets according to their 'opacity', or O-Factor. It also includes the level of perceived corruption. Therefore the higher the O-Factor, the less transparent the country and the higher the cost to investors. PWC said many developing countries were eager to cut tax rates to boost investment, often by offering tax concessions to attract foreign investment. The survey also calculates the risk premium faced by countries according to their O-Factor rating and the associated increase in the cost of borrowing.