Chinese brands in global marketplace set to grow

Turley said he believed China on innovations and brand cultivating in future. "It is just a matter of maturity, it is a matter of time," said Turley, adding that there is every opportunity that the Chinese market will demonstrate more entrepreneurial spirit.

He said, "I think different perspectives coming to issues really amplifies innovation because when we are all looking at in the same way we do not innovate as much as when we are all looking at it differently. So, I think China has a great future."

Global recovery

The global economy was recovering from the effects of recession and the hangover of the global financial crisis, said Turley. He pointed to China as an area where he had great hopes.

"We remain extraordinarily optimistic about China; we remain optimistic about Latin America; Russia has hit a bit of a tougher spot; Europe is challenging to say the least, you have heard often the challenge is there; North America we feel quite good about, slow growth but steady growth and we feel positive. So at the end of the day we feel optimistic," said Turley.

Brazil and the broader South American market, and China and the broader Far East market had been the two fastest growing areas of business for Ernst & Young, said Turley.

Ernst & Young chief operating officer John Ferraro said that global recovery would be on the agenda for national leaders at the G8 Summit to be held in Northern Ireland next week.

The global economic recovery was fragile and sovereign debt remained a big issue, Ferraro said, adding, "Many countries have worked through some programs on debt, but we still have a long way to go. We have unemployment in some parts of the world which is way too high - and also youth unemployment. These issues have not gone away, we did not create them in a few months and they are not going to be solved in a few months."

He added, "In the long term these issues required fundamental changes to our paradigm and how we have been thinking about them. And I think a big element of that is the globalization... the interconnection between countries."

Ferraro said different regions would recover from the effects of the recession at different rates and that emerging markets, despite some hiccups, still showed healthy growth.