China ranked No. 1 among 27 emerging economies for investment opportunities backed by its huge consumer market, an increasingly open economy and rapid trade growth, an industry report said.

India ranked second with Russia in third place, according to Emerging Markets Opportunity Index 2010, which is published by Grant Thornton China.

The index takes into account factors such as economy size, wealth, involvement in world trade, growth potential and levels of human development. China scored 454 points, compared with India's 222 points.

"China leads the way thanks to the country's huge consumer market, an increasingly open economy and extremely rapid trade growth, which offer a myriad of business opportunities for potential investors," said Xia Zhidong, vice chairman of the consulting firm.

More than 7,400 chairmen, chief executive officers, managing directors and other senior executives from 36 countries and regions across all industry sectors were surveyed.