China can hope to see its economy grow for a long time, especially if it is successful in shifting the components of growth toward the consumer, said Byron Wien, vice chairman of Blackstone Advisory Partners LP on Monday.

Wien added that China has a centralized government structure that can make decisions quickly and implement them without delay.

Improving the social safety net would help Chinese consumers to spend more.

"The Chinese save for the after-school education of their children, healthcare and their retirement," said he. "If the government played a greater role in providing services in these areas, perhaps the Chinese would spend more time at the malls. "

Wien added that emerging markets have suffered for two reasons. The first is the belief that continued Federal Reserve tapering will cause interest rates in the United States to rise and the dollar to strengthen.

The survey also revealed that 85 percent of analysts believe M&A will be a priority looking ahead. A high degree of activity is expected in China, however, possibly signaling that a period of consolidation is coming to many of the fast-growth sectors of the past decade.

From a fixed income perspective, Asia portrayed weaker credit fundamentals versus developed counterparts, yet Asian valuations were recognized as providing ample compensation for the risks.

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