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China has overtaken the United States and Canada to take the third spot in the recently released survey result of the world's most attractive investment destinations.
The survey conducted by Ernst & Young, one of the one of the big four accounting firms in the world, showed that China is now the third most attractive destination in the world, trailing survey leader India and Brazil.
Canada took the fourth spot while the United States settled at fifth position, the survey showed. Other countries in the top ten are South Africa, Vietnam, Mexico, and Indonesia.
The list of the world's most attractive investment destinations was based on a survey conducted by Ernst & Young on about 1,600 top level executives from large companies in 70 countries.
“The survey aims to measure corporate confidence in the global economic outlook and understand boardroom priorities, among others,” Ernst & Young said in a statement.
India took the top spot in this year's list due to the country's sharp currency depreciation and opening of foreign direct investment in various sectors.
Analysts, however, believed that the sweeping reforms in China will further open up the country for investments and, thus, boost its ranking in the world's top investment destinations in a few years' time.
The result of the Ernst & Young survey came a few days after British multinational banking and financial services firm Standard Chartered Bank said China's economy it expected to surpass that of the US in 2020.
The bank said it will only take seven years for China's gross domestic product (GDP) to overtake the US based on the rate that the Chinese economy is growing.
The Standard Chartered report said China's economy will grow at a rate of 7% between 2013 and 2020 while that of the US is expected to hit just 1.7% this year.
