"That is one doom and gloom scenario I don't subscribe to," ADBI's Wignaraja says. "Will this mean the collapse of existing global giants and their replacement with new multinationals, many of them Chinese? I don't think so."

Some large Western companies may disappear, he says, but that is just in the nature of business.

"Some traditionally large industries such as oil and gas I think will still be dominated by Western companies, for the simple reason that the cost of getting (involved) is simply too high," Wignaraja says.

While China also has large oil and gas companies, Wignaraja predicts that they are more likely to work together on joint exploration or development with leading players such as Royal Dutch Shell Plc or BP Plc, rather than supplanting them or buying them out.

Aviation and the chemical industry are another two sectors where he believes that Western corporations will continue to dominate the global market.

But in less complex industries it is more likely that Asian companies will catch up quickly, he says.