It's China, stupid!
Grant Thornton International reports global results and for the first time the US and UK combined make up less than half the organisation’s revenues.
Overall, the revenues fell 9% – hardly surprising given the crisis everyone has been grappling with.
But it’s the shift in the balance of power that is fascinating. China and Hong Kong has for the first time become one of GTI’s top ten performing territories. Economists among you will have noted that China has posted staggering growth in GDP, despite the global downturn.
Are we looking at a time when those territories are so successful that GTI has to run the organisation out of Beijing? HSBC’s chief executive Michael Geoghegan has just relocated to Hong Kong to be closer to the bank’s centre of main interest. How long before other multi national CEO’s find they have to do the same thing?