Vice-Minister of Finance Wang Jun (center) and finance officials from other countries stand for an official photo during a meeting of the Asia-Pacific Economic Cooperation on Nov 10 in Honolulu. Andres Leighton / Associated Press

HONOLULU - As leaders from the 21 members of the Asia-Pacific region gathered in Hawaii for the Asia-Pacific Economic Cooperation summit, more than 600 business executives presented predictions about what will happen to the region's economy in the near future.

More than 44 percent of the executives said they expect to find their greatest opportunities in China, and about 10 percent said those opportunities will come from the United States.

The professional-services firm PwC, formerly PricewaterhouseCoopers, surveyed more than 320 Asia-Pacific CEOs in 26 countries from July to September, asking them questions about trade barriers, trade within the region, the increasing competition for talented workers and the effects of technological innovations.

Among the survey participants were business executives from the 21 members of Asia-Pacific Economic Cooperation, which are responsible for 55 percent of the world's gross domestic product.

More than 50 percent of them said they are "very confident" their companies will bring in higher revenues during the next three to five years - which is a greater percentage than had said the same thing in the survey in 2010.

The findings were announced at the Asia-Pacific Economic Cooperation CEO Summit - a premier business event that was attended by more than 600 business executives from the organization's 21 members.

The survey showed that nearly a third of the CEOs said the weak US recovery had affected their companies "to a great extent", and 17 percent said the economic situation in Europe has had a similar effect.

"Asia has a better outlook in terms of investment opportunities, compared with the US and Europe, in the next three to five years, especially with what is going on in Europe right now," said John Chen, CEO and president of Sybase.

"And if you look at Asia, of course, China is one big market there and it continues to grow," said Chen, also one of the participants at the CEO summit.

"Doing business in domestic Asian markets is quickly becoming the main avenue for growth in the (Asia-Pacific Economic Cooperation) economies," said Dennis Nally, chairman of PwC International.

Nally also predicted the organization's members will present opportunities in the rest of this decade that are different from those they had offered in the past 10 years.

"Developing domestic markets in Asia will replace low-cost manufacturing exports for mature economies as the main driver of economic growth in the region", he said.

The survey also suggested that CEOs in the region think their economies will eventually go from being "producer-only" to being "producer-and-consumer" markets.

Nally said the change will not occur without the existence of deeper capital markets, efficient supply and distribution channels, regulations that have been made more consistent and a decrease in corruption.

China remains the most important wealth generator for international companies, said Shaun Rein, author of the book The End of Cheap China, who also heads a market research firm in Shanghai.

"Companies need to take a China-first strategy," Rein said. "They need to look at selling into China rather than just producing there. China is undergoing a fundamental shift in the economy and restructuring toward consumption."

The survey does not just paint a rosy picture of the Asian and Chinese markets. It also says greater pressures are coming from issues related to trade, innovation and talent.

Considering the next five to 10 years, Donald M.F. Lu, chairman of the Shanghai Pharmaceutical Holding Co, said, "changes in organizational and business models brought about by innovation will play an important role in determining whether the Asia Pacific region will influence the global economy."

Chen said difficulties will arise in China over managing talented workers and protecting intellectual-property rights.

"The (Chinese) government is now quite serious about the issue of intellectual property," Chen said. "But China is a big country, and it doesn't just take one day to change anything."