David Rubenstein, co-founder and managing director of The Carlyle Group, has said China holds the greatest promise for investment during the coming decade, according to research from a US business school.

Rubenstein, whose private equity firm now has $75.6bn (€51bn) under management, told the Wharton School of the University of Pennsylvania: “I think the single most exciting place to invest over the next five to 10 years is China, both in buyouts and in venture capital.”