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SINGAPORE: A survey of some top corporate executives predicted that Shanghai will become one of the world's top three financial centres in 10 years, after New York and London.
The survey by the Economist Intelligence Unit also noted that Asia will no longer rely on trade with the West as its main source of growth.
Of the 303 CEOs interviewed in the survey, 80 per cent said Asian economies will rely increasingly on domestic demand and on intra-regional exports for growth.
Almost nine in 10 respondents also expect Asian purchases of Western businesses to rise in the next 10 years.
Only 19 per cent of those who took the survey said they are well prepared for competition from Asia.
Among those interviewed in the survey was John Chambers, CEO of US tech firm Cisco. He said the emerging Asian markets require a new approach, which is why his firm has focused its resources on getting closer to the region.
The survey - called "The big tilt: The rise of the East and what it means for business" - interviewed some 1,017 executives in August and September last year.
- CNA/sc
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