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Sir John Bond (HSBC) on Globalization, China’s Rise & the Future of Jobs

140 views · Published 16 March 2012 · 19:28 · Indexed 27 September 2026

Channel: Foreign Policy Association · 2012 · News & Politics

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Sir John Bond, then Group Chairman of HSBC, delivers a forward-looking keynote at the Foreign Policy Association’s 2003 Financial Services Dinner, outlining the structural forces reshaping the global economy.

In this wide-ranging address, Bond explores a defining paradox of globalization: as people migrate to developed countries in search of opportunity, jobs are simultaneously moving in the opposite direction—to emerging markets like China and India. He argues this dual shift will fundamentally reshape labor markets, wages, and economic power worldwide.

Bond highlights the long-term implications of offshore services, the rise of vast new consumer markets, and the increasing importance of investing in human capital in developed economies. He also offers a nuanced perspective on China—its historical continuity, cultural resilience, and rapid economic transformation—suggesting that its re-emergence as a dominant global power is not a question of if, but when.

The speech concludes with a call for engagement rather than isolation, emphasizing that globalization, technological connectivity, and rising living standards in developing economies will define the 21st century.

Key themes:

Global migration vs. job offshoring
The rise of China and emerging markets
Long-term pressure on Western wages and industries
Growth of global consumer markets
Corporate governance and economic reform in China
Why engagement with China is essential

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