India is set to make a triumphant return to the centre of the global economic stage, following the 60th anniversary of the country

The Hongkong and Shanghai Banking Corporation Limited has received approval from the China Banking Regulatory Commission (CBRC) to establish a bank in rural China.

HSBC is the largest international bank in ChinaHSBC, the largest international bank in China, will operate in one of the designated rural areas in China's pilot programme for rural banking through a new wholly-owned entity, HSBC Rural Bank Company Limited. It will be based in Central China in the Cengdu County of Suizhou City in Hubei Province. The area is about 6,900 square kilometres in size and has a population of 2 million people, with a significant agricultural sector and the Cengdu County of Suizhou City has a rapidly developing rural economy.

Much has been written about the prospects for the BRIC economies. Brazil, Russia, India and China are widely tipped to emerge as the economic powerhouses of the 21st century, contributing more to world economic output than the current members of the group of six industrialised nations (France, Germany, Italy, Japan, the UK and the US) by 2039. 
     
Though these countries offer exciting opportunities, investors attracted by the prospects for these countries should also consider another country which offers excellent prospects for growth and according to Barings Asset Management, that country is Korea.

Hyung Jin Lee, manager of the Baring Korea Trust, said: As the largest shipbuilder in the world, Korea has seen a surge in orders from the Middle-East and other sources, but it is not just its shipbuilding industry that is seeing such high demand. The rapid development of real estate in Dubai and elsewhere in the region has fuelled demand for Korean engineering and construction expertise, as well as high quality technology and services. This means Korea is making just what the world needs. In our view, petrodollar wealth, particularly from the Middle-East,has been the driver of this increase in demand for Korean construction, engineering and shipbuilding expertise, helping the Korean economy to be less dependent on the US for economic growth.