The eurozone can heave a sigh of relief. Debt-laden countries in the region may have been the story of last year but if Terry Smith, chief executive of Fundsmith, is right, the media will be shining its spotlight eastward in 2011.

"China, I think could also possibly be THE story for 2011," said Smith, who was speaking last week on a panel debating the year ahead. And while he acknowledged that the eurozone was still hogging the headlines, he said the China story had all the makings of an epic.