10 | PwC’s 21st CEO Survey “Three factors make the United States But don’t count China out. Although it no favourable to business now,” notes CEO longer rides a 10% growth juggernaut, advisor and author Ram Charan. “First, no China remains a global growth engine with country has better mechanisms for funding steady growth of 6.5 to 7% and a stable risks or for raising capital. Second, robotic government.5 Where China lags the United technology is advancing rapidly, and thus States is in the ease of doing business – labour cost arbitrage – less expensive labour the World Bank ranks China 78th (of 190 in other countries – is no longer a restricting economies) on this overall measure, while factor. Third is growth. At 3%, it is a huge the US ranks sixth (although Hong Kong factor. And despite a labour shortage, high- is even more inviting, at number five). The level skills in the US are still the best in the Chinese government recognises that foreign world. Foreigners who want to succeed in the direct investment has slowed, and it has US market want to build plants there. The implemented important reforms to open its corporate tax cut will likely accelerate foreign market, particularly in the financial services direct investment in America, especially from sector.6 Europe and Japan.” Confirming Charan’s second point is the fact that Industrial Manufacturing CEOs overwhelmingly pick the US as their top destination for investment next year (43%) versus China (27%).