While Singapore, Hong Kong and Japan are considered the least corrupt among 13 major Asian economies, India, ranked 8th, fared better than 10th-placed China in a survey conducted by a regional think-tank.
The annual survey by the Political and Economic Risk Consultancy excludes countries like Myanmar and Bangladesh, notorious for corruption.
On a scale of zero to 10, where zero is the best possible score, Singapore topped the list with 1.13, followed by Hong Kong (1.80) and Japan (2.25).
India was ranked 8th with a score of 7.25, faring worst than last year, when it scored 6.67.
China was placed at number 10 at 7.98, compared to the previous year score of 6.29.
The Philippines was considered the most corrupt economy with a score of 9.00, followed by Thailand (8.00).
More than 400 expatriate business people were asked to rank countries based on issues that could negatively impact their business.
These included red tape, policy clarity, financial reforms, transparency and liberalisation, PERC said.
"Our survey of over 400 expatriate businessmen working in Asia put the inadequacies of the various banking systems of the region into a fairly accurate perspective," the PERC said.
