Speech by Stephen Green CEO HSBC: 'The rise and rise of Asia'
From Lancaster University: 'The rise and rise of Asia'
Speech by Stephen Green CEO HSBC
"I want to talk about a phenomenon that we at HSBC believe will fundamentally reshape the world’s economic landscape in the decades ahead. The rise and rise of Asia."
"The pace of change in China has been so rapid, and so extraordinary, that people are only now beginning to adjust intellectually to the reality of China as an economic power. In virtually every industry in the next 20 years, China will make its presence felt, and there are encouraging signs that, at last, the West is beginning to take this in. ... Today, everyone needs a China strategy."
" China is dominating low-end markets, but manufacturers who comfort themselves that they will be content with that, and leave the value-added products to established American, European or Asian companies, are making a grave mistake."
"... the desire to rise up the value chain is very evident. Huawei Technologies, a leading Chinese hi-tech company, employs 10,000 R&D workers – almost half of its total workforce – and invests no less than 10 per cent of its sales revenues in R&D."
"The Asian economic miracle produced a 40-year period of above average economic growth in countries like Japan, Taiwan and Singapore. If China were to follow the same pattern, it may only be halfway along its amazing economic journey." Full text of Stephen Green's speech