BEIJING - Asia's business leaders worry about a slowdown in China, but less than they worry about the European debt crisis or the US budget deficit, according to a recent report by Bank of America Merrill Lynch.

The report surveyed 465 CFOs of companies, each with a single sales volume of more than $500 million, from seven economies in Asia—Australia, the Chinese mainland and Hong Kong Special Administrative Region, India, Japan, Korea and Singapore. Of these, 75 were from the Chinese mainland and 50 were from Hong Kong.

According to the report, an economic slowdown in China is a significant concern across Asia, with a score of 6.9 on a scale of 1 (not a concern) to 10 (a significant concern). CFOs on the Chinese mainland gave it an 8.1, compared to 7.8 in Australia and 7.5 in Hong Kong.

CFOs on the Chinese mainland were the most confident of the current state of their economy, giving it a 7.5 out of 10 for the year of 2012, significantly higher than the regional average of 5.9.

CFOs on the Chinese mainland also remain focused on growth. Over half of them were looking to increase capital expenditure in 2012, the highest among all nations surveyed, and 72 percent were considering financing for domestic expansion, according to the report.

The report added that 86 percent of the CFOs surveyed on the Chinese mainland are considering mergers or acquisitions in China in 2012; few of them are looking to expand in other countries.