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"China will be the home of many of the companies" that are expected to emerge on the global scene, Schwab told reporters. "In some way we are creating a parallel World Economic Forum for the next generation of companies."
India had also come to Davos intent on underscoring that the South Asian giant had arrived on the world scene, said R. Seshasayee, vice president of the Confederation of Indian Industry and managing director of truck and bus-maker Ashok Leyland Ltd.
"There is now a critical mass of interest in the world about India," Seshasayee said
Stephen S. Roach, chief economist of financial services company Morgan Stanley, delivered a gloomy warning to the leaders about the global economy.
He said markets and officials had developed "a dangerous degree of complacency," assuming that an unbalanced world economy could continue without correction.
Asian central banks had helped to keep things going so far by supporting the U.S. economy much longer than could be expected, Roach said.