%PDF-1.4
%
1 0 obj
<<
/Type /Page
/Parent 9 0 R
/Resources 3 0 R
/Contents 2 0 R
>>
endobj
2 0 obj
<< /Length 13975 >>
stream
1 g
/GS1 gs
13 830 m
13 830 l
f
q
1 i
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
/Cs6 CS 0.137 0.122 0.125 SCN
0 J 0 j 0.5 w 10 M []0 d
41.77 785.06 509.74 -728.01 re
13 830 m
S
71 627.86 455.24 -558.35 re
f
BT
/F2 1 Tf
11 0 0 11 72 618.9749 Tm
0 g
0 Tc
0.025 Tw
[(Good e)13.9(v)13.9(ening Ladies and Gentlemen.)]TJ
0 -1.5462 TD
0.0986 Tw
[(As y)40.1(ou sa)62(w)86.9(,)-348.5(I had dar)13.9(k hair w)21.1(hen I li)13.9(v)13.9(ed in)]TJ
0 -1.1596 TD
0.02 Tc
0.4216 Tw
[(Calif)40.1(ornia;)-691.6(banking can be an oner)34(ous)]TJ
T*
0 Tc
0 Tw
[(pr)34(ofession! )]TJ
0 -1.5462 TD
0.245 Tw
[(Thank y)40.1(ou f)40.1(or those kind w)33(o)0(r)14(ds Bill.)-494.9(My)]TJ
0 -1.1596 TD
0.3524 Tw
[(fa)29.1(ther w)33(ould ha)75(v)13.9(e)0( been amaz)-13.6(ed,)-602.4(and m)27.2(y)]TJ
T*
0.025 Tw
[(mother might ha)75(v)13.9(e)0( belie)13.9(v)13.9(ed e)14(v)13.9(ery w)33(o)0(r)13.9(d)0(.)]TJ
0 -1.5462 TD
0.1347 Tw
[(I also thank the F)79.2(o)0(r)13(eign P)47.2(olicy Associa)29.1(tion)]TJ
0 -1.1596 TD
0 Tw
(f)Tj
0.293 0 TD
0.0257 Tw
[(or this gr)12.9(ea)29.1(t honour)65(.)-275.7(I)0( do not deserv)13.9(e it,)-275.7(b)22(u)0(t)]TJ
-0.293 -1.1596 TD
0.0836 Tw
(I am delighted to accept it on)Tj
T*
0.0128 Tc
0.3622 Tw
[(behalf)-717.8(of)-717.8(m)27.1(y)0( collea)22(gues a)29.1(t)]TJ
T*
0 Tc
0.1292 Tw
[(HSBC w)21(hose talent and har)13.9(d)]TJ
T*
-0.033 Tc
0 Tw
(wo)Tj
1.2381 0 TD
-0.014 Tc
(rk)Tj
0.923 0 TD
( )Tj
0.275 0 TD
0 Tc
0.025 Tw
[(do richl)21(y deserv)13.9(e it.)]TJ
-2.4361 -1.5462 TD
0 Tw
(W)Tj
0.9609 0 TD
0.296 Tw
[(hen I w)19.1(as ask)33(ed to speak)]TJ
-0.9609 -1.1596 TD
0.02 Tc
0.4313 Tw
[(tonight I decided tha)29.1(t m)27.2(y)]TJ
T*
0 Tc
0.0898 Tw
[(subject ma)29.1(tter should be on a)]TJ
T*
0.02 Tc
0.411 Tw
[(subject with f)40.1(o)0(r)13(eign policy)]TJ
T*
0 Tc
-0.0354 Tw
[(implica)29.1(tions)50.1(,)-214.6(and not solel)21(y financial services)64(.)]TJ
0 -1.5462 TD
-0.0044 Tw
[(So let me begin with a par)7.1(ado)27.1(x.)-245.6(It is this:)-245.6(just)]TJ
0 -1.1596 TD
-0.0304 Tw
[(as mor)13(e people than e)13.9(v)13.9(er bef)40.1(or)13(e in history ar)13(e)]TJ
T*
0.0013 Tw
[(migr)7.1(a)29.1(ting to de)14(v)13.9(eloped countries in sear)13(ch of)]TJ
T*
-0.033 Tc
0 Tw
(wo)Tj
1.2381 0 TD
-0.014 Tc
(rk)Tj
0.9231 0 TD
(,)Tj
0.6192 0 TD
0 Tc
0.0982 Tw
[(so m)21.1(uch of)-441(tha)29.1(t w)33(o)0(r)14(k)0( is beginning to)]TJ
-2.7804 -1.1596 TD
0.02 Tc
0.8356 Tw
[(mo)33(v)13.9(e)0( fr)34(om de)14(v)13.9(eloped to de)14(v)13.9(eloping)]TJ
T*
0 Tc
0 Tw
[(countries)64(.)]TJ
0 -1.5462 TD
0.1741 Tw
[(I belie)14(v)13.9(e)0( a major beneficiary of)-516.9(both these)]TJ
0 -1.1596 TD
0.025 Tw
[(tr)13(ends will be China.)]TJ
0 -1.5462 TD
0.1905 Tw
[(Accor)13.9(ding to the W)108.9(o)0(r)7.1(ld Migr)7.1(a)29.1(tion R)54(eport,)]TJ
0 -1.1596 TD
0.311 Tw
[(ther)13(e ar)13(e no)27.1(w some 175 million migr)7.1(ants)]TJ
T*
0.025 Tw
[(globall)21(y)86.9(,)-275(a)43(bout one person in 35.)]TJ
0 -1.5462 TD
0.095 Tw
[(Although I should sa)40.1(y people mo)33(v)13.9(e)0( one-b)20.1(y-)]TJ
0 -1.1596 TD
0.2442 Tw
[(one)50.1(,)-494.2(famil)21(y-b)20.1(y-famil)21(y and often slip under)]TJ
T*
0.1502 Tw
[(the r)7.1(adar scr)13(een.)-400.1(Of)29.1(ficiall)21(y ther)13(e ar)13(e 40,000)]TJ
T*
-0.0359 Tc
0 Tw
(Fr)Tj
1.0032 0 TD
0 Tc
0.0625 Tw
[(ench people li)13.9(ving in London;)-312.4(actuall)21(y it)81.1(s)]TJ
-1.0032 -1.1596 TD
0.025 Tw
[(ar)34(ound 200,000.)]TJ
0 -1.5462 TD
-0.0291 Tc
0 Tw
(Wh)Tj
1.457 0 TD
0 Tc
0.025 Tw
[(y do people mo)33(v)13.9(e)0(?)]TJ
-1.457 -1.5462 TD
-0.0852 Tc
0 Tw
(We)Tj
1.3535 0 TD
0.0107 Tc
0.3643 Tw
[(ll I am sur)12.9(e the F)35.9(r)12.9(ench don)35.9()41(t)-0.1( go to)]TJ
-1.3535 -1.1596 TD
0 Tc
0.1435 Tw
[(London f)40.1(or the f)40.1(ood or the wine;)-393.5(I suspect)]TJ
T*
0.025 Tw
[(they mainl)21(y go f)40.1(or tax and financial r)13(easons)64(.)]TJ
0 -1.5462 TD
0 Tw
(P)Tj
0.585 0 TD
0.2587 Tw
[(eople ha)75(v)13.9(e)0( al)13.9(w)19.1(a)40(ys migr)7.1(a)29.1(ted f)40.1(or the same)]TJ
-0.585 -1.1596 TD
0 Tw
(r)Tj
0.3721 0 TD
-0.0353 Tw
[(eason:)-214.7(to find a better life f)40.1(or themselv)14(es and)]TJ
21.7761 49.4774 TD
0.1617 Tw
[(their childr)13(en.)-411.7(This a)21(pplies just as m)21.1(uch to)]TJ
0 -1.1596 TD
0.02 Tc
0.5686 Tw
(the Chinese PhDs as it does to the)Tj
T*
0 Tc
0.0042 Tw
[(dispossessed r)13(efugees of)-347(sub-Sahar)7.1(an Africa.)]TJ
T*
0.0457 Tw
[(The gr)33.9(o)27.1(wth in migr)7.1(a)29(tion is both fuelled,)-295.7(and)]TJ
T*
0.02 Tc
0.416 Tw
[(aided b)20.1(y)86.9(,)-686(other facets of)-778.8(globalisa)29.1(tion:)]TJ
T*
2.5324 Tw
[(impr)34(o)33(v)13.9(ed tr)7.1(ansporta)29.1(tion,)-2802.4(better)]TJ
T*
0 Tc
0.0305 Tw
[(comm)21.1(unica)29.1(tions r)13(efugees can see their ne)13.9(w)]TJ
T*
-0.033 Tc
0 Tw
[(wo)-33(r)]TJ
1.616 0 TD
0 Tc
0.025 Tw
[(ld on CNN)64(.)]TJ
-1.616 -1.5462 TD
0.265 Tw
[(Ther)13(e is also a smaller n)35.9(umber of)-607.7(people )]TJ
0 -1.1596 TD
0.02 Tc
0.3745 Tw
[(with skills m)21.1(uch in demand r)13(esear)13(ch)]TJ
6.1908 -1.1596 TD
0 Tc
-0.0069 Tw
[(scientists)50.1(,)-243(medical consultants)50.1(,)]TJ
T*
0.02 Tc
1.4739 Tw
[(uni)13.9(v)13.9(ersity pr)34(ofessors )]TJ
T*
0 Tc
0 Tw
(w)Tj
0.718 0 TD
0.02 Tc
1.309 Tw
[(ho ar)13(e v)14(ery mobile)]TJ
-0.718 -1.1596 TD
0 Tc
0.3056 Tw
[(geo)21(gr)7.1(a)21(phicall)21(y)115(.)-555.5(These highl)21(y-)]TJ
T*
0.2696 Tw
[(priz)-13.6(ed people will choose to)]TJ
T*
0.31 Tw
[(li)13.9(v)13.9(e)0( w)21.1(her)13(e they see the best)]TJ
T*
0.2527 Tw
[(quality of)-595.4(life)50.1(,)-502.6(w)21(hich is w)21.1(h)55.9(y)]TJ
T*
0.1003 Tw
[(cities ar)13(e going to ha)75(v)13.9(e)0( to get)]TJ
-6.1908 -1.1596 TD
0.0149 Tc
0.3601 Tw
[(to grips with crime)50(,)-625(dirt,)-625(tr)7.1(ansport and)]TJ
T*
0 Tc
0.025 Tw
[(po)33(v)13.9(erty if)-367.8(they w)19.1(ant to pr)34(osper)65(.)]TJ
0 -1.5462 TD
0.0193 Tc
0.3557 Tw
[(The ef)29.1(fect of)-717.7(immigr)7.1(a)29.1(tion to de)14(v)13.9(eloped)]TJ
0 -1.1596 TD
0.02 Tc
0.408 Tw
[(countries will be depending on y)40.1(our)]TJ
T*
0 Tc
0.0868 Tw
[(personal perspecti)13.9(v)13.9(e)0( beneficial as it brings)]TJ
T*
-0.013 Tc
0 Tw
(wo)Tj
1.2781 0 TD
0.0061 Tc
(rk)Tj
0.9301 0 TD
0.02 Tc
0.9579 Tw
[(ers into countries with a)22.1(geing)]TJ
-2.2082 -1.1596 TD
0 Tc
-0.0133 Tw
[(popula)29.1(tions w)21(ho need to fund their pensions;)]TJ
T*
0.108 Tw
[(or nega)29.1(ti)13.9(v)13.9(e)0( as w)19.1(a)22(ges in some countries)50.1(,)-358(and)]TJ
T*
0.0054 Tw
[(ther)13(ef)40.1(or)13(e standar)13.9(ds of)-348.1(li)13.9(ving,)-255.3(ar)13(e constr)7.1(ained)]TJ
T*
-0.02 Tc
0 Tw
(by)Tj
1.032 0 TD
( )Tj
0.5773 0 TD
0 Tc
0.3273 Tw
[(an e)14(v)13.9(er mor)13(e competiti)13.9(v)13.9(e)0( emplo)35.9(yment)]TJ
-1.6093 -1.1596 TD
0 Tw
[(mar)13.9(k)33(et.)]TJ
0 -1.5462 TD
0.0246 Tw
[(The ef)29.1(fect on those sta)29.1(tes pr)34(o)33(viding the mass)]TJ
0 -1.1596 TD
0.0079 Tc
0.3671 Tw
[(emigr)7.1(a)29(tions will be salutary)115(.)-625(F)60.1(ailing and)]TJ
T*
0 Tc
0.2423 Tw
[(failed sta)29.1(tes ha)75(v)13.9(e)0( a choice:)-492.3(sta)22(gna)29.1(tion and)]TJ
T*
0.361 Tw
[(depopula)29.1(tion,)-611(or adjustment.)-611(In the long)]TJ
T*
0.1236 Tw
[(ter)-20.7(m,)-373.5(the majority will ha)75(v)13.9(e)0( to cop)13(y China,)]TJ
T*
0.2395 Tw
[(India,)-489.4(Me)14(xico)35.9(,)-489.4(or they will condemn their)]TJ
T*
0.025 Tw
[(people to po)33(v)13.9(erty)115(.)]TJ
0 -1.5462 TD
0.02 Tc
0.4312 Tw
[(The other side of)-793.9(this par)7.1(ado)27.1(x is the)]TJ
0 -1.1596 TD
0 Tc
0.025 Tw
[(mo)33(v)13.9(ement of)-367.8(jobs to de)13.9(v)13.9(eloping countries)64(.)]TJ
0 -1.5462 TD
0.199 Tw
[(As the w)33(o)0(r)7.1(ld)81.1(s economies integr)7.1(a)29.1(te further)94(,)]TJ
0 -1.1596 TD
0 Tw
(f)Tj
0.293 0 TD
-0.0095 Tw
[(or the first time e)14(v)13.9(er)94(,)-240.5(things tha)29.1(t can be done)]TJ
-0.293 -1.1596 TD
0.0037 Tc
0.3713 Tw
[(mor)12.9(e ef)29(fecti)13.9(v)13.9(e)0(l)21(y)0( in China and India,)-625(f)40(o)-0.1(r)]TJ
T*
0 Tc
0 Tw
(e)Tj
0.4241 0 TD
0.025 Tw
[(xample)50.1(,)-275(will be done in China and India.)]TJ
ET
1 g
41.52 45.39 510.24 -12.08 re
f
BT
10 0 0 10 288.0577 37.2195 Tm
0 g
[(- 1)-275(-)]TJ
ET
1 g
41.52 24 72.48 -14 re
f
BT
7 0 0 7 42.5197 17.9807 Tm
0 g
(6216 GCQ)Tj
ET
Q
q
1 i
459.66 823.18 90.71 -28.75 re
74.635 17.981 m
W* n
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
/Cs6 cs 0.137 0.122 0.125 scn
/GS2 gs
471.491 808.048 m
471.48 808.048 471.491 802.522 y
471.491 801.828 470.894 801.22 470.112 801.22 c
469.7 801.22 469.363 801.22 y
469.363 800.937 l
475.703 800.937 l
475.703 801.22 l
475.366 801.22 474.954 801.22 v
474.183 801.22 473.575 801.839 473.575 802.522 c
473.575 808.135 l
473.575 813.943 473.575 814.833 v
473.575 815.506 474.172 816.135 474.954 816.135 c
475.366 816.135 475.703 816.135 y
475.703 816.418 l
469.363 816.418 l
469.363 816.135 l
469.7 816.135 470.112 816.135 v
470.905 816.135 471.491 815.506 471.491 814.833 c
471.491 813.943 471.491 808.83 y
463.979 808.83 l
463.979 813.943 463.979 814.833 v
463.979 815.506 464.587 816.135 465.358 816.135 c
465.77 816.135 466.107 816.135 y
466.107 816.418 l
459.767 816.418 l
459.767 816.135 l
460.103 816.135 460.516 816.135 v
461.298 816.135 461.895 815.506 461.895 814.833 c
461.895 813.943 461.895 808.135 y
461.895 802.522 l
461.895 801.839 461.298 801.22 460.516 801.22 c
460.103 801.22 459.767 801.22 y
459.767 800.937 l
466.107 800.937 l
466.107 801.22 l
465.77 801.22 465.358 801.22 v
464.587 801.22 463.979 801.839 463.979 802.522 c
463.99 808.048 463.979 808.048 v
471.491 808.048 l
f
486.568 804.988 m
486.622 804.078 486.057 802.698 485.276 801.992 c
484.523 801.313 483.452 800.722 482.019 800.722 c
480.391 800.722 478.99 801.591 478.48 801.786 c
478.171 801.904 477.766 801.891 477.525 801.743 c
477.242 801.569 477.069 801.287 477.003 800.766 c
476.765 800.766 l
476.765 806.128 l
477.003 806.128 l
477.221 804.478 477.991 803.509 478.469 802.958 c
479.251 802.057 480.727 801.547 482.149 801.775 c
483.279 801.956 484.516 803.182 484.38 804.701 c
484.331 805.249 484.211 806.046 483.072 806.791 c
482.357 807.257 481.342 807.921 480.379 808.559 c
479.165 809.365 478.063 810.237 477.753 810.59 c
477.347 811.052 476.841 811.719 476.841 812.783 c
476.841 813.695 477.188 814.737 477.926 815.432 c
478.665 816.126 479.663 816.647 481.096 816.647 c
482.529 816.647 483.615 815.888 483.984 815.714 c
484.353 815.54 484.761 815.581 484.993 815.714 c
485.221 815.844 485.373 816.039 485.439 816.561 c
485.677 816.561 l
485.677 811.48 l
485.439 811.48 l
485.221 813.13 484.505 814.368 484.006 814.824 c
483.506 815.28 482.529 815.909 481.075 815.627 c
479.679 815.356 479 814.725 478.871 813.608 c
478.773 812.757 479.235 812.233 479.501 811.914 c
480.043 811.263 483.488 809.312 485.048 807.963 c
485.851 807.268 486.481 806.443 486.568 804.988 c
f
496.607 808.841 m
499.367 807.894 500.153 805.947 499.641 803.94 c
499.039 801.58 496.379 801.101 495.516 800.987 c
495.127 800.936 494.133 800.94 493.15 800.939 c
491.397 800.938 489.178 800.944 487.396 800.944 c
487.396 801.226 l
487.874 801.226 488.308 801.226 v
488.889 801.226 489.551 801.715 489.551 802.453 c
489.551 814.074 489.551 814.812 v
489.551 815.55 488.889 816.049 488.314 816.049 c
487.879 816.049 487.402 816.049 y
487.402 816.332 l
488.975 816.332 491.267 816.333 492.905 816.332 c
494.23 816.332 494.949 816.205 495.413 816.115 c
496.195 815.963 498.474 815.29 499.017 813.162 c
499.437 811.516 498.615 809.438 496.607 808.841 c
h
491.614 809.276 m
492.374 809.08 494.61 809.029 495.478 809.58 c
496.839 810.443 497.31 811.828 497.06 813.054 c
496.909 813.79 496.52 814.469 495.847 814.942 c
494.523 815.876 492.612 815.724 491.614 815.42 c
491.614 809.276 l
h
491.614 801.813 m
492.686 801.481 494.728 801.227 496.15 802.245 c
497.857 803.467 498.217 806.453 495.808 808.008 c
494.838 808.635 492.417 808.592 491.614 808.403 c
491.614 801.813 l
f
514.152 816.147 m
514.375 810.904 l
514.06 810.893 l
513.908 812.217 513.409 813.151 512.779 813.759 c
512.598 813.934 512.254 814.288 511.758 814.601 c
510.931 815.122 509.702 815.582 508.241 815.322 c
506.049 814.931 504.92 813.481 504.355 812.087 c
503.66 810.372 503.22 807.44 504.398 804.966 c
505.355 802.957 507.193 802.12 508.611 801.904 c
509.819 801.72 512.497 801.777 514.538 804.532 c
514.863 804.314 l
513.278 802.078 511.172 800.645 508.762 800.667 c
505.679 800.695 503.743 802.393 502.857 803.402 c
501.923 804.467 501.207 806.486 501.198 808.244 c
501.19 809.807 501.535 811.547 502.097 812.565 c
503.063 814.312 505.082 816.049 507.742 816.31 c
509.733 816.505 511.042 816.114 512.16 815.474 c
512.719 815.154 513.034 815.116 513.338 815.246 c
513.642 815.377 513.886 815.637 513.886 816.147 c
514.152 816.147 l
f
534.947 808.671 m
f
519.479 808.671 m
527.213 800.937 l
527.213 816.404 l
519.479 808.671 l
f
527.214 800.937 m
542.681 800.937 l
534.948 808.671 l
527.214 800.937 l
f
534.948 808.671 m
542.681 816.404 l
527.214 816.404 l
534.948 808.671 l
f
542.682 816.404 m
542.682 800.937 l
550.415 808.671 l
542.682 816.404 l
f
Q
q
1 i
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
60.25 750.37 472.5 -51.85 re
f
BT
/F1 1 Tf
19 0 0 19 92.797 735.7455 Tm
0 g
-0.029 Tc
0 Tw
(Fo)Tj
1.0749 0 TD
(r)Tj
0.364 0 TD
0 Tc
0.025 Tw
[(eign P)50(olicy Association Financial Services Dinner)]TJ
14 0 0 14 160.2996 710.4935 Tm
[(Acceptance of)-345.8(F)29.1(o)0(r)21(eign P)50(olicy Association Medal)]TJ
ET
1 g
60.25 690.91 472.5 -52.34 re
f
BT
/F2 1 Tf
10 0 0 10 243.1218 682.7377 Tm
0 g
[(Speech b)20(y)0( Sir J)52(ohn Bond)]TJ
-2.8864 -1.2 TD
[(Gr)34(oup Chair)-20.7(man,)-275(HSBC)-270.9(Holdings plc)]TJ
8.5 0 0 8.5 264.7276 652.7377 Tm
-0.0391 Tc
0 Tw
(Fe)Tj
1.051 0 TD
0 Tc
0.025 Tw
(bruary 13 2003)Tj
ET
0 G
0 J 0 j 0.5 w 10 M []0 d
297.498 627.025 m
297.498 76.755 l
S
0.6 g
230.26 479.43 141.73 -70.86 re
f
0 g
226.25 483.85 141.23 -70.37 re
f
BT
/F1 1 Tf
16 0 0 16 265.7586 454.2245 Tm
1 g
[(gr)29(o)13.9(wth in)]TJ
-0.061 -1.2 TD
0 Tw
[(migr)21(ation)]TJ
ET
0.25 w
226.12 483.98 141.48 -70.62 re
328.943 435.025 m
S
61.36 776.8 473.39 -17.76 re
f
Q
endstream
endobj
3 0 obj
<<
/ProcSet [ /PDF /Text ]
/Font << /F1 4 0 R /F2 5 0 R >>
/ExtGState << /GS1 6 0 R /GS2 7 0 R >>
/ColorSpace << /Cs6 8 0 R >>
>>
endobj
4 0 obj
<<
/Type /Font
/Subtype /Type1
/FirstChar 0
/LastChar 255
/Widths [ 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250
250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250
271 552 667 500 875 771 281 333 333 500 667 271 333 271 281 500
500 500 500 500 500 500 500 500 500 271 271 667 667 667 385 927
719 667 719 771 667 604 771 823 385 552 719 667 990 771 823 667
823 719 604 667 771 719 990 719 719 719 271 281 271 583 500 333
500 500 438 500 438 333 500 500 271 271 552 271 771 500 500 500
500 385 385 333 500 438 667 552 500 438 396 219 396 521 250 250
250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250
250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250
250 438 500 250 250 250 250 250 750 250 250 250 250 250 250 250
667 250 250 250 573 250 250 250 250 250 250 250 250 250 250 250
250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250
250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250
250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250
250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 ]
/Encoding /WinAnsiEncoding
/BaseFont /TimesNRMT-Bold
/FontDescriptor 26 0 R
>>
endobj
5 0 obj
<<
/Type /Font
/Subtype /Type1
/FirstChar 0
/LastChar 255
/Widths [ 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250
250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250
271 406 667 500 823 771 177 333 333 500 667 271 333 271 281 500
500 500 500 500 500 500 500 500 500 271 271 668 667 668 385 917
771 667 719 823 667 667 823 823 385 438 823 667 990 823 771 604
771 771 552 667 823 719 990 771 771 667 271 281 271 469 500 333
500 552 438 552 438 333 500 552 271 271 552 271 823 552 552 552
552 385 385 333 552 500 719 500 500 438 479 198 479 542 250 771
771 719 667 823 771 823 500 500 500 500 500 500 438 438 438 438
438 271 271 271 271 552 552 552 552 552 552 552 552 552 552 500
396 438 500 385 354 448 552 760 760 979 333 333 250 1000 771 250
667 250 250 500 521 250 250 250 250 250 313 344 250 667 552 385
271 667 250 500 250 250 500 500 1000 250 771 771 771 1000 719 500
1000 500 500 271 271 668 250 500 771 333 500 271 271 552 552 500
271 333 500 1000 771 667 771 667 667 385 385 385 385 771 771 250
771 823 823 823 271 333 333 333 333 333 333 333 333 333 333 ]
/Encoding /MacRomanEncoding
/BaseFont /TimesNRMT
/FontDescriptor 28 0 R
>>
endobj
6 0 obj
<<
/Type /ExtGState
/SA false
/SM 0.02
/TR2 /Default
>>
endobj
7 0 obj
<<
/Type /ExtGState
/SA true
/SM 0.02
/TR2 /Default
>>
endobj
8 0 obj
[
/ICCBased 10 0 R
]
endobj
9 0 obj
<<
/Type /Pages
/Kids [ 1 0 R 11 0 R 14 0 R 17 0 R 20 0 R ]
/Count 5
/MediaBox [ 0 0 595 842 ]
>>
endobj
10 0 obj
<< /N 3 /Alternate /DeviceRGB /Length 2575 /Filter /FlateDecode >>
stream
HyTSwoɞc
[5laQIBHADED2mtFOE.c}088GNg9w߽ '0 ֠Jb
2y.-;!KZ ^i"L0-
@8(r;q7Ly&Qq4j|9
V)gB0iW8#8wթ8_٥ʨQQj@&A)/g>'K t;\
ӥ$պFZUn(4T%)뫔0C&Zi8bxEB;Pӓ̹Aom?W=
x- [ 0}y)7ta>jT7@tܛ`q2ʀ&6ZLĄ?_yxg)˔zçLU*uSkSeO4?c. R
߁-25 S>ӣVd`rn~Y&+`;A4 A9 =-tl`;~p Gp| [`L`< "AYA+Cb(R, *T2B-
ꇆnQt}MA0alSx k&^>0|>_',G!"F$H:R!zFQd?r9\A&GrQhE]a4zBgE#H *B=0HIpp0MxJ$D1D, VĭKĻYdE"EI2EBGt4MzNr!YK ?%_(0J:EAiQ(()ӔWT6U@P+!~mDeԴ!hӦh/']B/ҏӿ?a0nhF!X8܌kc&5S6lIa2cKMA!E#ƒdV(kel
}}Cq9
N')].uJr
wG xR^[oƜchg`>b$*~ :Eb~,m,-ݖ,Y¬*6X[ݱF=3뭷Y~dó tizf6~`{v.Ng#{}}jc1X6fm;'_9 r:8q:˜O:ϸ8uJqnv=MmR 4
n3ܣkGݯz=[==<=GTB(/S,]6*-W:#7*e^YDY}UjAyT`#D="b{ų+ʯ:!kJ4Gmt}uC%K7YVfFY.=b?SƕƩȺy
چk5%4m7lqlioZlG+Zzmzy]?uuw|"űNwW&e֥ﺱ*|j5kyݭǯg^ykEklD_p߶7Dmo꿻1ml{Mś
nLl<9O [$h՛BdҞ@iءG&vVǥ8nRĩ7u\ЭD- u`ֲK³8%yhYѹJº;.!
zpg_XQKFAǿ=ȼ:ɹ8ʷ6˶5̵5͵6ζ7ϸ9к<Ѿ?DINU\dlvۀ܊ݖޢ)߯6DScs
2F[p(@Xr4Pm8Ww)Km
endstream
endobj
11 0 obj
<<
/Type /Page
/Parent 9 0 R
/Resources 13 0 R
/Contents 12 0 R
>>
endobj
12 0 obj
<< /Length 14994 >>
stream
1 g
/GS1 gs
13 830 m
13 830 l
f
q
1 i
461.05 823.75 90.71 -28.75 re
13 830 m
W* n
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
/Cs6 cs 0.137 0.122 0.125 scn
/GS2 gs
472.881 808.618 m
472.87 808.618 472.881 803.092 y
472.881 802.398 472.284 801.79 471.502 801.79 c
471.09 801.79 470.753 801.79 y
470.753 801.508 l
477.093 801.508 l
477.093 801.79 l
476.756 801.79 476.344 801.79 v
475.573 801.79 474.965 802.409 474.965 803.092 c
474.965 808.705 l
474.965 814.513 474.965 815.403 v
474.965 816.076 475.562 816.706 476.344 816.706 c
476.756 816.706 477.093 816.706 y
477.093 816.988 l
470.753 816.988 l
470.753 816.706 l
471.09 816.706 471.502 816.706 v
472.295 816.706 472.881 816.076 472.881 815.403 c
472.881 814.513 472.881 809.4 y
465.369 809.4 l
465.369 814.513 465.369 815.403 v
465.369 816.076 465.977 816.706 466.748 816.706 c
467.16 816.706 467.497 816.706 y
467.497 816.988 l
461.157 816.988 l
461.157 816.706 l
461.493 816.706 461.906 816.706 v
462.688 816.706 463.285 816.076 463.285 815.403 c
463.285 814.513 463.285 808.705 y
463.285 803.092 l
463.285 802.409 462.688 801.79 461.906 801.79 c
461.493 801.79 461.157 801.79 y
461.157 801.508 l
467.497 801.508 l
467.497 801.79 l
467.16 801.79 466.748 801.79 v
465.977 801.79 465.369 802.409 465.369 803.092 c
465.38 808.618 465.369 808.618 v
472.881 808.618 l
f
487.958 805.558 m
488.012 804.648 487.447 803.268 486.666 802.562 c
485.913 801.883 484.842 801.292 483.409 801.292 c
481.781 801.292 480.38 802.161 479.87 802.356 c
479.561 802.474 479.156 802.461 478.915 802.313 c
478.632 802.139 478.459 801.857 478.393 801.336 c
478.155 801.336 l
478.155 806.698 l
478.393 806.698 l
478.611 805.048 479.381 804.079 479.859 803.529 c
480.641 802.628 482.117 802.117 483.539 802.345 c
484.669 802.526 485.906 803.752 485.77 805.271 c
485.721 805.819 485.601 806.616 484.462 807.361 c
483.747 807.828 482.732 808.491 481.769 809.129 c
480.555 809.935 479.453 810.807 479.143 811.16 c
478.737 811.622 478.231 812.289 478.231 813.353 c
478.231 814.265 478.578 815.307 479.316 816.002 c
480.055 816.696 481.053 817.217 482.486 817.217 c
483.919 817.217 485.005 816.458 485.374 816.284 c
485.743 816.11 486.151 816.151 486.383 816.284 c
486.611 816.414 486.763 816.609 486.829 817.131 c
487.067 817.131 l
487.067 812.05 l
486.829 812.05 l
486.611 813.7 485.895 814.938 485.396 815.394 c
484.896 815.85 483.919 816.479 482.465 816.197 c
481.069 815.926 480.39 815.296 480.261 814.178 c
480.163 813.327 480.625 812.803 480.891 812.484 c
481.433 811.833 484.878 809.882 486.438 808.533 c
487.241 807.838 487.871 807.013 487.958 805.558 c
f
497.997 809.411 m
500.757 808.464 501.543 806.517 501.031 804.51 c
500.429 802.15 497.769 801.671 496.906 801.557 c
496.517 801.506 495.523 801.51 494.54 801.509 c
492.787 801.509 490.568 801.514 488.786 801.514 c
488.786 801.796 l
489.264 801.796 489.698 801.796 v
490.279 801.796 490.941 802.285 490.941 803.023 c
490.941 814.644 490.941 815.382 v
490.941 816.12 490.279 816.619 489.704 816.619 c
489.269 816.619 488.792 816.619 y
488.792 816.902 l
490.365 816.902 492.657 816.902 494.295 816.902 c
495.62 816.902 496.339 816.775 496.803 816.685 c
497.585 816.533 499.864 815.86 500.407 813.732 c
500.827 812.086 500.005 810.009 497.997 809.411 c
h
493.004 809.846 m
493.764 809.65 496 809.599 496.868 810.15 c
498.229 811.013 498.7 812.398 498.449 813.624 c
498.299 814.36 497.91 815.039 497.237 815.512 c
495.913 816.446 494.002 816.294 493.004 815.99 c
493.004 809.846 l
h
493.004 802.383 m
494.076 802.051 496.118 801.797 497.54 802.815 c
499.247 804.037 499.607 807.023 497.198 808.578 c
496.228 809.205 493.807 809.162 493.004 808.973 c
493.004 802.383 l
f
515.542 816.717 m
515.765 811.474 l
515.45 811.463 l
515.298 812.787 514.799 813.721 514.169 814.329 c
513.988 814.504 513.644 814.858 513.148 815.171 c
512.321 815.692 511.092 816.152 509.631 815.892 c
507.439 815.501 506.31 814.051 505.745 812.657 c
505.05 810.942 504.61 808.01 505.788 805.536 c
506.745 803.527 508.583 802.69 510.001 802.474 c
511.209 802.291 513.887 802.347 515.928 805.102 c
516.253 804.884 l
514.668 802.648 512.562 801.215 510.152 801.237 c
507.069 801.265 505.133 802.963 504.247 803.972 c
503.313 805.037 502.597 807.056 502.588 808.814 c
502.58 810.377 502.925 812.117 503.487 813.135 c
504.453 814.883 506.472 816.619 509.132 816.88 c
511.123 817.075 512.432 816.684 513.55 816.044 c
514.109 815.724 514.424 815.686 514.728 815.816 c
515.032 815.947 515.276 816.207 515.276 816.717 c
515.542 816.717 l
f
536.337 809.241 m
f
520.869 809.241 m
528.603 801.507 l
528.603 816.974 l
520.869 809.241 l
f
528.604 801.508 m
544.071 801.508 l
536.338 809.241 l
528.604 801.508 l
f
536.338 809.241 m
544.071 816.974 l
528.604 816.974 l
536.338 809.241 l
f
544.072 816.974 m
544.072 801.507 l
551.805 809.241 l
544.072 816.974 l
f
Q
q
1 i
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
0 G
0 J 0 j 0.5 w 10 M []0 d
42.43 784.36 509.74 -728 re
13 830 m
S
71.66 756.96 455.25 -691.65 re
f
BT
/F2 1 Tf
11 0 0 11 72.6614 748.0732 Tm
0 g
0 Tc
0.2266 Tw
[(At companies lik)33(e HSBC)29.1(,)-476.6(this pr)34(ocess has)]TJ
0 -1.1596 TD
0.0251 Tw
[(alr)13(ead)29.1(y begun.)-275.1(W)96(e)0( ha)75(v)13.9(e)0( pr)34(ocessing centr)13(es in)]TJ
T*
0.0393 Tw
[(India and China tha)29.1(t perf)40.1(or)-20.7(m w)33(o)0(r)13.9(k)0( tha)29.1(t w)19.1(a)0(s)]TJ
T*
0.01 Tc
0.365 Tw
[(pr)13(e)13.9(viousl)21(y done in the UK,)-625(F)35.9(r)7.1(ance)50.1(,)-625(the)]TJ
T*
0 Tc
0.3388 Tw
[(USA.)-588.8(W)96(e)0( can perf)40.1(or)-20.7(m our w)33(o)0(r)13.9(k)0( mor)13(e)]TJ
T*
0.0495 Tw
[(pr)34(oducti)13.9(v)13.9(e)0(l)21(y)0( to the benefit of)-392.2(customers and)]TJ
T*
0 Tw
[(shar)13(eholders)64(.)]TJ
0 -1.5462 TD
-0.01 Tc
0.1304 Tw
[(As f)40.1(or HSBC)29.1(,)-370.4(so f)40.1(or man)40.1(y others)63.9(.)-370.4(I)0( r)13(ead an)]TJ
0 -1.1596 TD
-0.0268 Tw
[(estima)29.1(te in BusinessW)96.1(eek ma)22(gazine tw)33(o w)15(eeks)]TJ
T*
0 Tc
0 Tw
(a)Tj
0.468 0 TD
-0.01 Tc
0.2872 Tw
[(go tha)29.1(t said 3.3 million American service)]TJ
-0.468 -1.1596 TD
0.0545 Tw
[(industry jobs could mo)33.1(v)13.9(e)0( of)29.1(fshor)13(e in the ne)14(xt)]TJ
T*
0.025 Tw
[(15 y)7.1(ears tha)29.1(t)81.1(s 136 billion dollars in w)19.1(a)22(ges)64(.)]TJ
0 -1.5462 TD
0 Tc
0.148 Tw
[(And,)-398(if)-490.7(y)40(ou think a)43(bout it,)-398(this is no mor)13(e)]TJ
0 -1.1596 TD
0.1407 Tw
[(than a lo)21(gical e)14(xtension in services of)-483.5(w)21(h)0(a)29.1(t)]TJ
T*
0.3241 Tw
[(the man)35.9(ufacturing industry has done)56.9(.)-574.1(W)96(e)]TJ
T*
0.02 Tc
0.4052 Tw
[(should r)13(emember tha)29.1(t this is good f)40.1(o)0(r)]TJ
T*
0 Tc
-0.0277 Tw
[(consumers o)33(v)13.9(er)7.1(all,)-222.2(although it ma)40.1(y not be f)40.1(o)0(r)]TJ
T*
0.2674 Tw
[(some of)-610.2(the people w)21.1(ho w)14.9(e)0(r)13(e)0( in)40.1(v)27.1(olv)14(ed in)]TJ
T*
0.0114 Tc
0.3636 Tw
[(pr)33.9(oducing domesticall)20.9(y)86.9(,)-625(it is)]TJ
T*
0 Tc
0.025 Tw
[(good f)40.1(or de)14(v)13.9(eloping countries)64(.)]TJ
0 -1.5462 TD
0.1089 Tw
[(Consequentl)21(y the standar)13.9(ds of)]TJ
0 -1.1596 TD
0.1804 Tw
[(li)13.9(ving in Eur)34(ope and America)]TJ
T*
0 Tw
(f)Tj
0.293 0 TD
0.2157 Tw
[(or people in some b)22(usinesses)]TJ
-0.293 -1.1596 TD
0.365 Tw
[(ma)40.1(y be constr)7.1(ained until,)-614.9(a)29.1(t)]TJ
T*
0.0245 Tw
[(least,)-274.5(the standar)13.9(ds of)-367.3(li)13.9(ving of)]TJ
T*
0.0252 Tw
[(non-rur)7.1(al China and India and)]TJ
T*
0.1484 Tw
[(other places ar)34(ound the w)33(o)0(r)7.1(ld ar)13(e in closer)]TJ
T*
0.2376 Tw
[(pr)34(o)27.1(ximity to those of)-580.3(the W)96(est.)-487.6(And with)]TJ
T*
0.2493 Tw
[(mor)13(e than a billion Chinese and a billion)]TJ
T*
0.2205 Tw
[(Indians)50.1(,)-470.4(these ar)13(e la)43(bour mar)14(k)33(ets tha)29.1(t will)]TJ
T*
0.025 Tw
[(not run out an)40.1(ytime soon.)]TJ
0 -1.5462 TD
0.0224 Tw
[(This mo)33(v)13.9(ement of)-365.2(jobs will lead to incr)13(eased)]TJ
0 -1.1596 TD
0.02 Tc
0.3766 Tw
[(incomes in de)14(v)13.9(eloping countries)50.1(,)-646.6(it will)]TJ
T*
0 Tc
0.0421 Tw
[(unleash a ne)13.9(w w)19.1(a)75(v)13.9(e)0( of)-384.9(spending po)27.1(w)14.9(er ther)13(e)]TJ
T*
0.025 Tw
[(as they b)22(uild consumer mar)13.9(k)33(ets)64(.)]TJ
0 -1.5462 TD
-0.015 Tc
0.0147 Tw
[(Much of)-342.4(tha)29.1(t spending po)27.1(w)14.9(er is going to be in)]TJ
0 -1.1596 TD
-0.013 Tw
[(China and India as mid)8.1(dle-class incomes mo)33(v)13.9(e)]TJ
T*
-0.0096 Tw
[(fr)34(om 15,000 to 50-60,000 dollars or w)21(h)0(a)29.1(t)0(e)13.9(v)13.9(er it)]TJ
T*
0.2415 Tw
[(might be)56.9(.)-476.5(This implies tha)29.1(t ther)13(e should be)]TJ
T*
-0.0151 Tc
-0.0024 Tw
[(massi)13.8(v)13.8(e)-0.1( gr)33.8(o)27(wth potential in these mar)13.8(k)32.9(ets on a)]TJ
T*
-0.015 Tc
0.025 Tw
[(scale w)14.9(e)0( don)35.9()41(t)0( a)21(ppr)13(ecia)29.1(te right no)27.1(w)102.1(.)]TJ
0 -1.5462 TD
0 Tc
0.3438 Tw
[(Clear)7.1(l)21(y)0( it will onl)21(y be a segment of)-686.5(the)]TJ
0 -1.1596 TD
-0.0097 Tw
[(popula)29.1(tion tha)29.1(t mo)33(v)13.9(es quickl)21(y up the income)]TJ
T*
0.3274 Tw
[(scale)56.9(.)-577.4(But the a)43(bsolute n)35.9(umbers ar)13(e v)20.1(ast.)]TJ
T*
0.1922 Tw
[(Ther)13(e is also a shift in spending as people)]TJ
T*
0.02 Tc
0.3734 Tw
[(incr)13(ease their incomes)64(.)-643.4(F)79.1(ood and drink)]TJ
T*
0 Tc
0.3696 Tw
[(accounts f)40.1(or 50 per cent of)-712.3(spending in)]TJ
T*
0.02 Tc
0.6744 Tw
[(de)14(v)13.9(eloping countries;)-944.3(19 per cent in)]TJ
T*
0 Tc
0 Tw
[(de)14(v)13.9(eloped.)]TJ
0 -1.5462 TD
0.1465 Tw
[(This gi)13.9(v)13.9(es rise to so-called s)35.9(w)14.9(eet spots)-339.6(in)]TJ
0 -1.1596 TD
0.02 Tc
0.4707 Tw
[(consumer mar)14(k)33(ets w)21.1(hen incomes r)13(each)]TJ
22.1482 60.6871 TD
0.497 Tw
[(betw)15(een 3,000 and 10,000 dollars and)]TJ
0 -1.1596 TD
0 Tc
0.2678 Tw
[(consumption of)-610.5(consumer goods incr)13(eases)]TJ
T*
0.3743 Tw
[(sharpl)21(y)115(.)-624.3(W)29.1(hich is w)21(h)55.9(y China bought 1.1)]TJ
T*
0.1423 Tw
[(million ne)13.9(w cars last y)7.1(ear compar)13(ed to less)]TJ
T*
0.025 Tw
[(than half)-367.7(tha)29.1(t n)35.9(umber fi)13.9(v)13.9(e)0( y)7.1(ears bef)40.1(or)13(e)56.9(.)]TJ
0 -1.5462 TD
0 Tw
(T)Tj
0.5659 0 TD
0.0129 Tw
[(oda)40.1(y China is the w)33(o)0(r)7.1(ld)81.1(s lar)27.1(gest mar)13.9(k)33(et f)40.1(o)0(r)]TJ
-0.5659 -1.1596 TD
0.2176 Tw
[(mobile phones;)-467.6(b)20(y)0( ne)13.9(xt y)7.1(ear it will be the)]TJ
T*
-0.033 Tc
0 Tw
(wo)Tj
1.2381 0 TD
(r)Tj
0.3779 0 TD
0 Tc
-0.0368 Tw
[(ld)81.1(s lar)27.1(gest mar)13.9(k)33(et f)40.1(or digital camer)7.1(as and)]TJ
-1.616 -1.1596 TD
0.025 Tw
[(the second-lar)27.1(gest f)40.1(or PCs)64(.)]TJ
0 -1.5462 TD
0.1432 Tw
[(As jobs go to China,)-393.2(the r)13(esult is a pricing)]TJ
0 -1.1596 TD
-0.027 Tw
[(pr)13(essur)13(e on other economies in the w)33(o)0(r)7.1(ld.)-222.9(W)96(e)]TJ
T*
0.025 Tw
[(alr)13(ead)29.1(y hear this fr)34(om our clients in Asia.)]TJ
0 -1.5462 TD
0 Tw
(F)Tj
0.5879 0 TD
0.1317 Tw
[(or HSBC)29.1(,)-381.7(it)81.1(s also deter)-20.7(mining w)21.1(h)0(a)29.1(t)0( w)33(o)0(r)13.9(k)]TJ
-0.5879 -1.1596 TD
0.137 Tw
[(gets done w)21(her)13(e)50.1(,)-387(and w)21.1(h)0(a)29.1(t)0( people get paid.)]TJ
T*
0.2709 Tw
[(And w)14.9(e)0()74(r)12.9(e doing mor)13(e and mor)13(e w)33(o)0(r)13.9(k)0( in)]TJ
T*
0.173 Tw
[(China,)-422.9(and mor)13(e in India w)33(o)0(r)13.9(k)0( tha)29.1(t w)19.1(a)0(s)]TJ
T*
0.025 Tw
[(pr)13(e)13.9(viousl)21(y done in the W)96(est.)]TJ
6.5197 -1.5462 TD
-0.01 Tc
0.0448 Tw
[(The lo)21.1(gical r)13(esponse to this in)]TJ
0 -1.1596 TD
-0.015 Tc
-0.005 Tw
[(de)13.9(v)13.9(eloped mar)13.9(k)33(ets is incr)13(eased)]TJ
T*
0 Tc
0.0994 Tw
[(in)40.1(v)13.9(estment in human ca)21(pital,)]TJ
T*
0.2653 Tw
[(tha)29.1(t allo)27.1(ws y)40.1(ou to mo)33(v)13.9(e)0( to)]TJ
T*
0.2271 Tw
[(and r)13(etain high-v)20.1(alue ad)8.1(ded)]TJ
T*
0.1157 Tw
[(jobs)64(.)-365.7(Although e)14(v)13.9(en her)13(e the)]TJ
T*
0 Tw
(W)Tj
0.894 0 TD
0.1575 Tw
(est will be competing with)Tj
-0.894 -1.1596 TD
0.02 Tc
0.7294 Tw
(the 465,000 science and)Tj
T*
0.0005 Tc
0.3745 Tw
[(engineering degr)12.9(ees gr)7(anted)]TJ
-6.5197 -1.1596 TD
-0.02 Tc
0 Tw
(by)Tj
1.032 0 TD
( )Tj
0.3566 0 TD
0 Tc
0.1066 Tw
[(Chinese uni)13.9(v)13.9(ersities in 2001 and it will)]TJ
-1.3886 -1.1596 TD
0.0069 Tc
0.3681 Tw
[(be inter)13(esting to see ho)27.1(w quickl)21(y China)]TJ
T*
0 Tc
0.025 Tw
[(mo)33(v)13.9(es up the v)20.1(alue chain.)]TJ
0 -1.5462 TD
0.3716 Tw
[(Of)-714.3(course)50.1(,)-621.6(ther)13(e ar)13(e man)40.1(y jobs tha)29.1(t ar)13(e)]TJ
0 -1.1596 TD
0.0129 Tc
0.3621 Tw
[(geo)21.1(gr)7.1(a)21(phicall)21.1(y fix)13(ed:)-624.9(f)40.1(or e)14(xample)50.1(,)-625(pub)14(lic)]TJ
T*
0 Tc
0.025 Tw
[(sector w)33(o)0(r)13.9(k)0(,)-274.9(entertainment,)-274.9(hospitals)50.1(,)-274.9(hotels)50.1(,)]TJ
T*
0.0553 Tw
[(tourism,)-305.3(e)13.9(v)13.9(en a)22(gricultur)13(e)56.9(.)-305.3(These will become)]TJ
T*
-0.0139 Tc
0 Tw
(ev)Tj
0.9102 0 TD
0 Tc
-0.0315 Tw
[(er mor)13(e important in de)14(v)13.9(eloped economies)64(.)]TJ
-0.9102 -1.5462 TD
0.2041 Tw
[(But the fundamental conclusion is tha)29.1(t w)14.9(e)]TJ
0 -1.1596 TD
0.02 Tc
0.6602 Tw
[(ar)13(e in f)40.1(or significant change in the)]TJ
T*
0 Tc
0.0204 Tw
[(emplo)35.9(yment mar)13.9(k)33(et in de)13.9(v)13.9(eloped economies)64(.)]TJ
0 -1.5462 TD
0.004 Tw
[(Let me turn to China.)-254(It is easy to f)40.1(o)0(r)27.1(get tha)29.1(t)]TJ
0 -1.1596 TD
0.0013 Tw
[(toda)40.1(y)81.1(s sta)29.1(tus quo is b)20.1(y)0( no means to be tak)33(en)]TJ
T*
0 Tw
(f)Tj
0.293 0 TD
0.0556 Tw
[(or gr)7.1(anted.)-305.6(F)79.1(or instance)50.1(,)-305.6(f)40(or perha)21(ps 90 per)]TJ
-0.293 -1.1596 TD
0.134 Tw
[(cent of)-476.8(the last 2000 y)7.1(ears)50(,)-384(China has been)]TJ
T*
0.025 Tw
[(the w)33(o)0(r)7.1(ld)81.1(s major econom)27.2(y)115(.)]TJ
0 -1.5462 TD
0.0131 Tw
[(China has de)14(v)13.9(eloped to w)21(h)0(a)29.1(t)0( it is toda)40.1(y fr)34(om)]TJ
0 -1.1596 TD
-0.0261 Tw
[(a ci)13.9(vilisa)29.1(tion tha)29.1(t da)29.1(tes back o)33(v)13.9(er 4,000 y)7.1(ears)63.9(.)]TJ
T*
0.1743 Tw
[(China has both a tr)7.1(adition of)-517(Bud)8.1(dhism )]TJ
T*
0 Tw
(w)Tj
0.698 0 TD
0.0295 Tw
[(hich pr)34(omotes the gr)33.9(o)27.1(wth of)-372.2(the indi)13.9(vidual)]TJ
-0.698 -1.1596 TD
0.194 Tw
[( and of)-536.8(Confucianism w)21(hich places the)]TJ
T*
0 Tw
(w)Tj
0.7041 0 TD
0.0163 Tw
[(ell being of)-359(the famil)21(y and of)-359(society a)43(b)0(o)33(v)13.9(e)]TJ
-0.7041 -1.1596 TD
0.2919 Tw
[(an)40.1(y indi)13.9(vidual)81.1(s needs)64(.)-541.9(This a)43(bility to li)13.9(v)13.9(e)]TJ
T*
0.0222 Tw
[(with ambiguity is a tr)7.1(ait often f)40.1(ound in Asia,)]TJ
T*
0.025 Tw
[(less so in the W)96(est.)]TJ
ET
299.743 756.961 m
299.743 63.831 l
S
1 g
41.52 44.75 510.24 -12.08 re
f
BT
10 0 0 10 288.0577 36.5828 Tm
0 g
[(- 2)-275(-)]TJ
ET
1 g
41.52 24 72.48 -14 re
f
BT
7 0 0 7 42.5197 17.9807 Tm
0 g
(6216 GCQ)Tj
ET
0.6 g
234.53 495.48 141.74 -70.87 re
f
0 g
230.53 499.89 141.23 -70.36 re
f
BT
/F1 1 Tf
16 0 0 16 243.1518 460.6683 Tm
1 g
[(mo)21(v)29.1(ement of)-345.8(jobs)]TJ
ET
0.25 w
230.4 500.02 141.48 -70.62 re
359.132 460.668 m
S
Q
endstream
endobj
13 0 obj
<<
/ProcSet [ /PDF /Text ]
/Font << /F1 4 0 R /F2 5 0 R >>
/ExtGState << /GS1 6 0 R /GS2 7 0 R >>
/ColorSpace << /Cs6 8 0 R >>
>>
endobj
14 0 obj
<<
/Type /Page
/Parent 9 0 R
/Resources 16 0 R
/Contents 15 0 R
>>
endobj
15 0 obj
<< /Length 14861 >>
stream
1 g
/GS1 gs
13 830 m
13 830 l
f
q
1 i
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
/Cs6 CS 0.137 0.122 0.125 SCN
0 J 0 j 0.5 w 10 M []0 d
299.47 756.964 m
299.47 73.004 l
S
42.43 784.36 509.74 -728 re
13 830 m
S
71.66 756.96 455.25 -679.46 re
f
BT
/F2 1 Tf
11 0 0 11 72.6614 748.0747 Tm
0 g
0.03 Tc
0.5428 Tw
[(This cultur)7.1(al and ideolo)21(gical richness)]TJ
0 -1.1596 TD
0.4666 Tw
[(ena)43(b)13.9(led the Chinese na)29.1(tion to a)43(bsorb)]TJ
T*
-0.03 Tc
0 Tw
(fo)Tj
0.865 0 TD
(r)Tj
0.382 0 TD
0.01 Tc
0.2064 Tw
[(eign rulers w)21(hile r)13(emaining Chinese)50(,)-466.4(a)0(s)]TJ
-1.247 -1.1596 TD
0.1025 Tw
(with the Mongols in the thirteenth century)Tj
T*
0.025 Tw
[(and the Manchus in the mid-se)13.9(v)13.9(enteenth.)]TJ
0 -1.5462 TD
0.03 Tc
1.0275 Tw
[(Mor)13(e r)13(ecentl)21(y)86.9(,)-1307.5(w)21(hile the Cultur)7.1(al)]TJ
0 -1.1596 TD
-0.044 Tc
0 Tw
(Re)Tj
1.1611 0 TD
(v)Tj
0.4829 0 TD
0.01 Tc
0.0514 Tw
[(olution left its mar)13.9(k,)-311.4(China has met the)]TJ
-1.644 -1.1596 TD
0.0137 Tc
0.3713 Tw
[(challenge of)-727.8(r)12.9(e-b)22(uilding its econom)27.1(y b)20.1(y)]TJ
T*
0.01 Tc
0.0935 Tw
[(once a)22(gain sho)27.1(wing a r)12.9(emar)13.9(ka)43(b)13.9(le a)43(bility to)]TJ
T*
0.1338 Tw
[(assimila)29.1(te and ada)21(pt ideas fr)33.9(om outside,)]TJ
T*
0.03 Tc
0.82 Tw
[(to de)14(v)13.9(elop socialism with Chinese)]TJ
T*
0.01 Tc
0 Tw
[(char)7.1(acteristics.)]TJ
0 -1.5462 TD
0.03 Tc
0.3992 Tw
[(This r)13(esilience is nothing ne)13.9(w)86.9(,)-679.2(indeed,)]TJ
0 -1.1596 TD
0.3964 Tw
[(China)81.1(s contin)35.9(uity is w)21.1(h)0(a)29.1(t)0( is startling.)]TJ
T*
0.01 Tc
0.196 Tw
[(Sometimes the W)96(est does not pa)40(y enough)]TJ
T*
0 Tc
0 Tw
(a)Tj
0.4809 0 TD
0.01 Tc
0.2282 Tw
[(ttention to the under)7.1(l)21(ying consistency in)]TJ
-0.4809 -1.1596 TD
0.03 Tc
0.3934 Tw
[(Chinese thought.)-673.4(In f)40.1(o)0(r)13(eign policy f)40.1(o)0(r)]TJ
T*
0 Tc
0 Tw
(e)Tj
0.4341 0 TD
0.01 Tc
0.1073 Tw
[(xample)50.1(,)-367.3(since 1949 China has had just six)]TJ
-0.4341 -1.1596 TD
-0.03 Tc
0 Tw
(fo)Tj
0.865 0 TD
(r)Tj
0.382 0 TD
0.01 Tc
0.1149 Tw
[(eign ministers;)-374.9(the UK has)]TJ
-1.247 -1.1596 TD
0.025 Tw
(had 23.)Tj
0 -1.5462 TD
-0.0282 Tw
[(China has de)13.9(v)13.9(eloped to w)21(h)0(a)29.1(t)0( it)]TJ
0 -1.1596 TD
0.0223 Tc
0.3627 Tw
[(is toda)40(y fr)33.9(om a ci)13.9(vilisa)29(tion)]TJ
T*
0.03 Tc
0.3697 Tw
[(tha)29.1(t da)29.1(tes back o)33(v)13.9(er 4,000)]TJ
T*
0 Tc
0 Tw
(y)Tj
0.5029 0 TD
0.01 Tc
[(ears)64(.)]TJ
-0.5029 -1.5462 TD
0.0427 Tw
[(China)81.1(s char)7.1(acter is sha)21(ped b)20(y)]TJ
0 -1.1596 TD
0.02 Tw
[(a lar)27.1(gel)21(y homo)21(geneous cultur)12.9(e)]TJ
T*
0.1596 Tw
[(tha)29.1(t emer)27.1(ged out of)-512.4(a geo)21(gr)7.1(a)21(p)0(h)56(y)0( tha)29.1(t w)19.1(a)0(s)]TJ
T*
-0.0168 Tw
[(essentiall)21(y lock)33(ed b)20.1(y)0( mountains to the south)]TJ
T*
0.1947 Tw
[(and w)14.9(est,)-454.7(the desert to the north and the)]TJ
T*
0.3081 Tw
(ocean to the east hence the name the)Tj
T*
0.3152 Tw
[(Mid)8.1(dle Kingdom.)-575.2(And in isola)29.1(tion,)-575.2(they)]TJ
T*
0.025 Tw
[(de)14(v)13.9(eloped an amazing ci)13.9(vilisa)29.1(tion.)]TJ
0 -1.5462 TD
0 Tc
0 Tw
(W)Tj
0.9909 0 TD
0.03 Tc
0.3932 Tw
[(hen Mar)13(co P)47.2(olo arri)13.9(v)13.9(ed in China a)]TJ
-0.9909 -1.1596 TD
0.4106 Tw
[(millennium a)22(g)0(o)35.9(,)-690.6(he f)40.1(ound the gr)12.9(ea)29.1(test)]TJ
T*
0.6321 Tw
[(ci)13.9(vilisa)29.1(tion in the w)33(o)0(r)7.1(ld,)-912(the lar)27.1(gest)]TJ
T*
0.0161 Tc
0.3689 Tw
[(popula)29.1(tion,)-634.9(the w)33.1(o)0(r)7.2(l)0(d)81.1(s first r)13(estaur)7.2(ants)50.1(,)]TJ
T*
0.01 Tc
0.025 Tw
[(printing and pa)21(per money)115(.)]TJ
0 -1.5462 TD
0.1415 Tw
[(The Chinese made steel 1,500 y)7(ears bef)40.1(or)13(e)]TJ
0 -1.1596 TD
-0.0192 Tw
[(Eur)34(ope;)-240.8(they ha)75(v)13.9(e)0( the dubious distinction of)]TJ
T*
0.025 Tw
[(in)40.1(v)13.9(enting taxa)29.1(tion.)]TJ
0 -1.5462 TD
0.2353 Tw
[(The Chinese people ha)74.9(v)13.9(e)0( a deep sense of)]TJ
0 -1.1596 TD
0.2089 Tw
[(their cultur)12.9(e and herita)22(ge)56.9(.)-468.8(W)29.1(hen I w)19.1(as in)]TJ
T*
0.3494 Tw
[(Singa)21(por)13(e in the 1960s I used to w)19(a)29.1(tch)]TJ
T*
0.1047 Tw
[(illiter)7.1(a)29.1(te people in the str)12.9(eets pa)40.1(y their fi)13.9(v)13.9(e)]TJ
T*
0.0243 Tw
[(cents to the storyteller)94(,)-284.3(w)21(ho w)33(ould tell them)]TJ
T*
0.0253 Tc
0.3597 Tw
[(the history and m)27.2(ytholo)21(gy of)-727.7(China )]TJ
T*
0.01 Tc
0.0427 Tw
[(stories of)-395.4(emper)33.9(ors)50(,)-302.7(o)0(f)-395.4(her)34(oes)50.1(,)-302.7(o)0(f)-395.4(hubris)50.1(,)-302.7(o)0(f)]TJ
T*
0 Tw
[(failur)12.9(e)50.1(,)-285(of)-377.7(victory)115(.)]TJ
0 -1.5462 TD
0.124 Tw
[(In fact,)-384(I w)33(ould sa)40(y tha)29.1(t the tw)33(o countries)]TJ
0 -1.1596 TD
0.1529 Tw
[(with the gr)12.9(ea)29.1(test sense of)-505.7(na)29.1(tionalism and)]TJ
22.1482 59.914 TD
0.1688 Tw
[(pa)29.1(triotism tha)29.1(t I ha)75(v)13.9(e)0( seen ar)12.9(e among the)]TJ
0 -1.1596 TD
0.025 Tw
[(oldest and y)40(oungest:)-285(China and the USA.)]TJ
0 -1.5462 TD
0.0743 Tw
[(The rude interruption to the huge s)35.9(w)14.9(eep of)]TJ
0 -1.1596 TD
0.03 Tc
0.7824 Tw
[(Chinese history w)19.1(as the arri)13.9(v)20(al of)]TJ
T*
0.01 Tc
0.3658 Tw
[(Eur)34(opeans;)-625.8(Eur)34(opeans with a history of)]TJ
T*
0.0106 Tw
[(pr)7.1(actising w)19.1(arfar)13(e and empir)12.9(e b)22(uilding.)-270.6(The)]TJ
T*
0.016 Tw
[(changes wr)34(ought b)20(y)0( this led to tw)33(o hundr)12.9(ed)]TJ
T*
0 Tc
0 Tw
(y)Tj
0.5029 0 TD
0.01 Tc
-0.021 Tw
[(ears of)-331.8(r)12.9(ela)29.1(ti)13.9(v)13.9(e)0( insta)43(bility and the adoption)]TJ
-0.5029 -1.1596 TD
-0.0152 Tw
[( and ada)21(pta)29.1(tion of)-337.6(elements of)-337.6(a W)96(estern)]TJ
T*
0 Tw
[(ideolo)21(gy)86.9(,)-285(comm)21.1(unism.)]TJ
0 -1.5462 TD
-0.0218 Tw
[(In the Chinese people)50(,)-238.1(ther)13(e is a deep-r)34(ooted)]TJ
0 -1.1596 TD
0.172 Tw
[(confidence in their o)27.1(wn cultur)12.9(e)50.1(,)-432(their o)27.1(w)0(n)]TJ
T*
0.1623 Tw
[(ci)13.9(vilisa)29.1(tion and tha)29.1(t,)-422.3(in the long run,)-422.3(they)]TJ
T*
0.0683 Tw
[(will r)13(estor)13(e China to its rightful position in)]TJ
T*
0.025 Tw
[(the w)33(o)0(r)7.1(ld)81.1(s pecking or)13.9(der)65(.)]TJ
0 -1.5462 TD
-0.0005 Tw
[(China,)-259.5(because of)-352.2(its siz)-13.7(e)50.1(,)-259.4(has al)13.9(w)19.1(a)40(ys been a)]TJ
0 -1.1596 TD
0.2764 Tw
[( or the major econom)27.1(y in the w)33(o)0(r)7.1(ld.)]TJ
T*
0 Tc
0 Tw
(W)Tj
0.9709 0 TD
0.01 Tc
0.3698 Tw
[(hen China starts to a)21(ppr)34(oach the per)]TJ
5.5488 -1.1596 TD
0.1836 Tw
[(ca)21(pita standar)13.9(d of)-536.3(li)13.9(ving of)]TJ
T*
0.0242 Tc
0.3608 Tw
[(the W)96(est,)-634.9(w)14.9(e)0( will see the)]TJ
T*
0.01 Tc
-0.0313 Tw
[(most po)27.1(w)14.9(erful econom)27.1(y e)14(v)13.9(er)65(.)]TJ
0 -1.5462 TD
-0.009 Tc
0 Tw
(Pe)Tj
1.043 0 TD
(r)Tj
0.382 0 TD
0.01 Tc
0.1606 Tw
[(ceptions of)-513.4(China in the)]TJ
-1.425 -1.1596 TD
0 Tc
0 Tw
(W)Tj
0.904 0 TD
0.01 Tc
0.0867 Tw
[(est,)-346.6(b)20(y)0( and lar)27.1(ge)50.1(,)-346.6(h)0(a)75(v)13.9(e not)]TJ
-0.904 -1.1596 TD
0 Tc
0 Tw
(k)Tj
0.529 0 TD
0.01 Tc
0.0798 Tw
[(ept up with r)12.9(eality)115(.)-339.8(A)0(n)40.1(y)40(one)]TJ
-0.529 -1.1596 TD
0.03 Tc
0.5841 Tw
[(lik)33(e me w)21.1(ho goes ther)13(e)]TJ
T*
0 Tc
0 Tw
(r)Tj
0.3821 0 TD
0.01 Tc
0.0141 Tw
[(egular)7.1(l)21(y)0( can see the changes)]TJ
-6.9017 -1.1596 TD
0.025 Tw
[(with their o)27.1(wn ey)7.1(es)64(.)]TJ
0 -1.5462 TD
0.1355 Tw
[(I first w)15(ent to China in 1972 in Mao)81(s er)7.1(a)]TJ
0 -1.1596 TD
0 Tc
0 Tw
(w)Tj
0.7231 0 TD
0.0251 Tc
0.3599 Tw
[(hen the popula)29.1(tion li)14(v)14(ed on v)27.2(ouchers)]TJ
-0.7231 -1.1596 TD
0.01 Tc
0.1681 Tw
[(issued b)20(y)0( the Comm)21(unist P)13(arty)87(,)-428.1(and ther)12.9(e)]TJ
T*
0 Tc
0 Tw
(w)Tj
0.7099 0 TD
0.01 Tc
0.3549 Tw
[(as virtuall)21(y no need f)40(or money)115(.)-614.9(I)0( w)19.1(a)0(s)]TJ
-0.7099 -1.1596 TD
0.03 Tc
0.9475 Tw
[(shado)27.1(w)14.9(ed b)20.1(y)0( an interpr)13(eter)-1170.5(and)]TJ
T*
0.4685 Tw
[(loudspeak)33(ers a)29.1(t)0( the bor)13.9(der denounced)]TJ
T*
0.01 Tc
0 Tw
(imperialism.)Tj
0 -1.5462 TD
0 Tc
(T)Tj
0.5759 0 TD
0.01 Tc
0.0751 Tw
[(oda)40.1(y y)40.1(ou can see Arnold P)13(almer)16.1(-designed)]TJ
-0.5759 -1.1596 TD
0.0649 Tw
[(golf)-417.7(courses)50.1(,)-324.9(b)22(uy all the w)33(o)0(r)7.1(ld)81.1(s top br)7.1(ands)]TJ
T*
-0.0034 Tw
[(in the Nanking R)87.9(oad in Shanghai and tr)7(a)75(v)13.9(el)]TJ
T*
0.03 Tc
1.017 Tw
[(thr)34(ough stunning ne)13.9(w interna)29.1(tional)]TJ
T*
0.01 Tc
0 Tw
[(airports)64(.)]TJ
0 -1.5462 TD
-0.0018 Tw
[(The W)96(est sees China in b)13.9(lack and w)21(hite or)]TJ
0 -1.1596 TD
0.2773 Tw
[(ma)40.1(ybe r)13(ed! as a comm)21(unist country)86.9(,)-537.3(a)]TJ
T*
0.03 Tc
0.9578 Tw
[(totalitarian sta)29.1(te)56.9(.)-1237.7(But the Chinese)]TJ
T*
0.6923 Tw
[(leadership is e)13.9(xperimenting with the)]TJ
T*
0.0004 Tc
0 Tw
(ev)Tj
0.9256 0 TD
0.0143 Tc
0.3707 Tw
[(olution of)-727.8(the political and economic)]TJ
-0.9256 -1.1596 TD
0.01 Tc
0 Tw
[(or)13.9(der)65(.)]TJ
0 -1.5462 TD
0.146 Tw
[(The leadership toda)40.1(y is w)14.9(ell a)62(w)19.1(ar)13(e tha)29.1(t its)]TJ
0 -1.1596 TD
0.0346 Tw
[(manda)29.1(te as f)40(or the d)29.1(ynasties of)-387.4(the past )]TJ
T*
0.0962 Tw
[(comes fr)33.9(om the will of)-449(the Chinese people)56.9(.)]TJ
T*
0.0298 Tc
0.3552 Tw
[(Ther)13(e ar)13(e no alterna)29.1(ti)13.9(v)13.9(es to r)13(e)0(f)40.1(o)0(r)-20.7(m)0( in)]TJ
T*
0.01 Tc
-0.0342 Tw
[(China;)-225.8(the onl)21(y de)14.9(ba)29.1(te is the pace of)-318.6(change)56.9(.)]TJ
ET
0 G
299.745 756.958 m
299.745 72.999 l
S
1 g
41.52 44.75 510.24 -12.08 re
f
BT
10 0 0 10 288.0577 36.5828 Tm
0 g
0 Tc
0.025 Tw
[(- 3)-275(-)]TJ
ET
1 g
41.52 24 72.48 -14 re
f
BT
7 0 0 7 42.5197 17.9807 Tm
0 g
(6216 GCQ)Tj
ET
Q
q
1 i
461.05 823.75 90.71 -28.75 re
74.635 17.981 m
W* n
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
/Cs6 cs 0.137 0.122 0.125 scn
/GS2 gs
472.881 808.618 m
472.87 808.618 472.881 803.092 y
472.881 802.398 472.284 801.79 471.502 801.79 c
471.09 801.79 470.753 801.79 y
470.753 801.508 l
477.093 801.508 l
477.093 801.79 l
476.756 801.79 476.344 801.79 v
475.573 801.79 474.965 802.409 474.965 803.092 c
474.965 808.705 l
474.965 814.513 474.965 815.403 v
474.965 816.076 475.562 816.706 476.344 816.706 c
476.756 816.706 477.093 816.706 y
477.093 816.988 l
470.753 816.988 l
470.753 816.706 l
471.09 816.706 471.502 816.706 v
472.295 816.706 472.881 816.076 472.881 815.403 c
472.881 814.513 472.881 809.4 y
465.369 809.4 l
465.369 814.513 465.369 815.403 v
465.369 816.076 465.977 816.706 466.748 816.706 c
467.16 816.706 467.497 816.706 y
467.497 816.988 l
461.157 816.988 l
461.157 816.706 l
461.493 816.706 461.906 816.706 v
462.688 816.706 463.285 816.076 463.285 815.403 c
463.285 814.513 463.285 808.705 y
463.285 803.092 l
463.285 802.409 462.688 801.79 461.906 801.79 c
461.493 801.79 461.157 801.79 y
461.157 801.508 l
467.497 801.508 l
467.497 801.79 l
467.16 801.79 466.748 801.79 v
465.977 801.79 465.369 802.409 465.369 803.092 c
465.38 808.618 465.369 808.618 v
472.881 808.618 l
f
487.958 805.558 m
488.012 804.648 487.447 803.268 486.666 802.562 c
485.913 801.883 484.842 801.292 483.409 801.292 c
481.781 801.292 480.38 802.161 479.87 802.356 c
479.561 802.474 479.156 802.461 478.915 802.313 c
478.632 802.139 478.459 801.857 478.393 801.336 c
478.155 801.336 l
478.155 806.698 l
478.393 806.698 l
478.611 805.048 479.381 804.079 479.859 803.529 c
480.641 802.628 482.117 802.117 483.539 802.345 c
484.669 802.526 485.906 803.752 485.77 805.271 c
485.721 805.819 485.601 806.616 484.462 807.361 c
483.747 807.828 482.732 808.491 481.769 809.129 c
480.555 809.935 479.453 810.807 479.143 811.16 c
478.737 811.622 478.231 812.289 478.231 813.353 c
478.231 814.265 478.578 815.307 479.316 816.002 c
480.055 816.696 481.053 817.217 482.486 817.217 c
483.919 817.217 485.005 816.458 485.374 816.284 c
485.743 816.11 486.151 816.151 486.383 816.284 c
486.611 816.414 486.763 816.609 486.829 817.131 c
487.067 817.131 l
487.067 812.05 l
486.829 812.05 l
486.611 813.7 485.895 814.938 485.396 815.394 c
484.896 815.85 483.919 816.479 482.465 816.197 c
481.069 815.926 480.39 815.296 480.261 814.178 c
480.163 813.327 480.625 812.803 480.891 812.484 c
481.433 811.833 484.878 809.882 486.438 808.533 c
487.241 807.838 487.871 807.013 487.958 805.558 c
f
497.997 809.411 m
500.757 808.464 501.543 806.517 501.031 804.51 c
500.429 802.15 497.769 801.671 496.906 801.557 c
496.517 801.506 495.523 801.51 494.54 801.509 c
492.787 801.509 490.568 801.514 488.786 801.514 c
488.786 801.796 l
489.264 801.796 489.698 801.796 v
490.279 801.796 490.941 802.285 490.941 803.023 c
490.941 814.644 490.941 815.382 v
490.941 816.12 490.279 816.619 489.704 816.619 c
489.269 816.619 488.792 816.619 y
488.792 816.902 l
490.365 816.902 492.657 816.902 494.295 816.902 c
495.62 816.902 496.339 816.775 496.803 816.685 c
497.585 816.533 499.864 815.86 500.407 813.732 c
500.827 812.086 500.005 810.009 497.997 809.411 c
h
493.004 809.846 m
493.764 809.65 496 809.599 496.868 810.15 c
498.229 811.013 498.7 812.398 498.449 813.624 c
498.299 814.36 497.91 815.039 497.237 815.512 c
495.913 816.446 494.002 816.294 493.004 815.99 c
493.004 809.846 l
h
493.004 802.383 m
494.076 802.051 496.118 801.797 497.54 802.815 c
499.247 804.037 499.607 807.023 497.198 808.578 c
496.228 809.205 493.807 809.162 493.004 808.973 c
493.004 802.383 l
f
515.542 816.717 m
515.765 811.474 l
515.45 811.463 l
515.298 812.787 514.799 813.721 514.169 814.329 c
513.988 814.504 513.644 814.858 513.148 815.171 c
512.321 815.692 511.092 816.152 509.631 815.892 c
507.439 815.501 506.31 814.051 505.745 812.657 c
505.05 810.942 504.61 808.01 505.788 805.536 c
506.745 803.527 508.583 802.69 510.001 802.474 c
511.209 802.291 513.887 802.347 515.928 805.102 c
516.253 804.884 l
514.668 802.648 512.562 801.215 510.152 801.237 c
507.069 801.265 505.133 802.963 504.247 803.972 c
503.313 805.037 502.597 807.056 502.588 808.814 c
502.58 810.377 502.925 812.117 503.487 813.135 c
504.453 814.883 506.472 816.619 509.132 816.88 c
511.123 817.075 512.432 816.684 513.55 816.044 c
514.109 815.724 514.424 815.686 514.728 815.816 c
515.032 815.947 515.276 816.207 515.276 816.717 c
515.542 816.717 l
f
536.337 809.241 m
f
520.869 809.241 m
528.603 801.507 l
528.603 816.974 l
520.869 809.241 l
f
528.604 801.508 m
544.071 801.508 l
536.338 809.241 l
528.604 801.508 l
f
536.338 809.241 m
544.071 816.974 l
528.604 816.974 l
536.338 809.241 l
f
544.072 816.974 m
544.072 801.507 l
551.805 809.241 l
544.072 816.974 l
f
Q
q
1 i
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
0.6 g
234.53 495.48 141.74 -70.87 re
f
0 g
230.53 499.89 141.23 -70.36 re
f
BT
/F1 1 Tf
16 0 0 16 262.4542 470.2683 Tm
1 g
0 Tc
0 Tw
[(deep-r)29.1(ooted)]TJ
0.24 -1.2 TD
(confidence)Tj
ET
0 G
0 J 0 j 0.25 w 10 M []0 d
230.4 500.02 141.48 -70.62 re
335.989 451.068 m
S
Q
endstream
endobj
16 0 obj
<<
/ProcSet [ /PDF /Text ]
/Font << /F1 4 0 R /F2 5 0 R >>
/ExtGState << /GS1 6 0 R /GS2 7 0 R >>
/ColorSpace << /Cs6 8 0 R >>
>>
endobj
17 0 obj
<<
/Type /Page
/Parent 9 0 R
/Resources 19 0 R
/Contents 18 0 R
>>
endobj
18 0 obj
<< /Length 14793 >>
stream
1 g
/GS1 gs
13 830 m
13 830 l
f
q
1 i
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
/Cs6 CS 0.137 0.122 0.125 SCN
0 J 0 j 0.5 w 10 M []0 d
42.43 784.36 509.74 -728 re
13 830 m
S
71.66 756.96 455.25 -687.33 re
f
BT
/F2 1 Tf
11 0 0 11 72.6614 748.0732 Tm
0 g
0 Tc
0.0839 Tw
[(It is certainl)21(y an e)14(x)20(cellent sign tha)29.1(t China is)]TJ
0 -1.1596 TD
0 Tw
(a)Tj
0.457 0 TD
0.086 Tw
[(bout to complete its first or)13.9(der)7.1(l)21(y)0( tr)7.1(ansition)]TJ
-0.457 -1.1596 TD
0.1152 Tw
[(of)-457.9(po)27.1(w)14.9(er fr)34(om one gener)7.1(a)29.1(tion of)-457.9(leaders to)]TJ
T*
0.084 Tw
[(the ne)14(xt since the 1949 r)13(e)13.9(v)27.1(olution,)-333.9(gi)13.9(v)13.9(en the)]TJ
T*
0.02 Tc
0.3923 Tw
[(enor)-20.7(mous challenges China faces in its)]TJ
T*
0 Tc
0.3461 Tw
[(tr)7.1(ansition fr)34(om a rur)7.1(al to a mor)13(e urban)]TJ
T*
0.02 Tc
0.4977 Tw
[(society;)-767.6(fr)34(om a sta)29.1(te-run to a pri)14(v)20(a)29.1(te)]TJ
T*
1.4077 Tw
[(enterprise-based econom)27.2(y;)-1677.7(and in)]TJ
T*
0 Tc
0.2859 Tw
[(esta)43(b)13.9(lishing the rule of)-628.6(la)62(w and contr)7.1(acts)]TJ
T*
0.316 Tw
[(and,)-566(in common with man)40.1(y countries)50.1(,)-566(o)0(f)]TJ
T*
0.025 Tw
[(elimina)29.1(ting corruption.)]TJ
0 -1.5462 TD
0 Tw
(Y)Tj
0.6279 0 TD
0.2742 Tw
[(ou can clear)7.1(l)21(y)0( see the signs of)-616.9(pr)34(o)21(g)0(r)12.9(ess)50.1(,)]TJ
-0.6279 -1.1596 TD
0.025 Tw
[(politicall)21(y and economicall)21(y)115(.)]TJ
0 -1.5462 TD
0.3168 Tw
[(In China,)-566.7(w)14.9(e)0( should r)13(emember one-party)]TJ
0 -1.1596 TD
0.3642 Tw
[(rule is not al)13.9(w)19(a)40(ys undemocr)7.1(a)29.1(tic.)-614.2(Alr)13(ead)29.1(y)]TJ
T*
0.203 Tw
[(800,000 Chinese villa)22(ges dir)13(ectl)21(y elect their)]TJ
T*
0.1323 Tw
[(heads and y)40.1(ou cannot become villa)22(ge party)]TJ
T*
0.017 Tw
[(secr)13(etary unless y)40.1(ou ha)75(v)13.9(e)0( been elected villa)22(ge)]TJ
T*
0.025 Tw
(head first.)Tj
0 -1.5462 TD
0.0054 Tc
0.3696 Tw
[(And China is not a)75(v)13.9(erse to)]TJ
0 -1.1596 TD
0 Tc
0.1406 Tw
[(learning fr)34(om the W)96(est.)-390.6(W)29.1(hen)]TJ
T*
0.2602 Tw
[(Pr)13(esident Jiang Zemin visited)]TJ
T*
0.3459 Tw
(the USA during the Clinton)Tj
T*
0.02 Tc
0.3946 Tw
[(administr)7.1(a)29.1(tion,)-664.6(he ask)33(ed to)]TJ
T*
0.626 Tw
[(visit IBM.)-895.9(The immedia)29.1(te)]TJ
T*
0 Tc
0.1994 Tw
[(assumption w)19.1(as he w)19.1(anted to)]TJ
T*
0.02 Tc
0.4194 Tw
[(Deep Blue)50.1(,)-689.4(the super)13(computer)94(,)-689.4(or visit )]TJ
T*
0.4996 Tw
[(their r)13(esear)13(ch la)43(bor)7.1(a)29.1(tories)64(.)-769.6(In fact,)-769.5(he )]TJ
T*
0 Tc
0 Tw
(w)Tj
0.7 0 TD
0.0001 Tc
0.3749 Tw
(anted to meet Lou Gerstner and some )Tj
-0.7 -1.1596 TD
0.02 Tc
0.4737 Tw
[(of)-836.4(his boar)14(d members to learn a)43(bout)]TJ
T*
0.8913 Tw
[(corpor)7.1(a)29.1(te go)33(v)13.9(ernance and ho)27.2(w y)40.1(ou )]TJ
T*
0.8077 Tw
[(mana)22(ge an interna)29.1(tional b)22(usiness in )]TJ
T*
0 Tc
0.025 Tw
[(toda)40.1(y)81.1(s w)33(o)0(r)7.1(ld.)]TJ
0 -1.5462 TD
0.005 Tc
0.0291 Tw
[(I ha)75(v)13.9(e)0( first hand e)14(xperience of)-376.8(this thirst f)40.1(o)0(r)]TJ
0 -1.1596 TD
0.1732 Tw
[(kno)27.2(wledge)56.9(.)-428.2(As a member of)-520.9(the Ma)40.1(y)40(or of)]TJ
T*
0.113 Tw
[(Shanghai)81.1(s interna)29.1(tional ad)21.1(visory council,)-368(I)]TJ
T*
0.3597 Tw
[(entertained the vice-chair)-20.7(men of)-707.4(the top)]TJ
T*
0 Tc
0 Tw
(f)Tj
0.298 0 TD
0.005 Tc
0.0121 Tw
[(our banks in China,)-267.1(and they ask)33(ed to meet)]TJ
-0.298 -1.1596 TD
0.1798 Tw
[(me and a non-e)14(x)12.9(ecuti)13.9(v)13.9(e)0( dir)13(ector of)-527.5(HSBC)]TJ
T*
0 Tc
0 Tw
(f)Tj
0.298 0 TD
0.005 Tc
0.144 Tw
[(or us to e)14(xplain the dif)29.1(fer)13(ence betw)15(een an)]TJ
-0.298 -1.1596 TD
-0.0089 Tc
0 Tw
(ex)Tj
0.9211 0 TD
0.005 Tc
-0.0282 Tw
[(ecuti)13.9(v)13.9(e)0( and non-e)14(x)12.9(ecuti)13.9(v)13.9(e)0( of)-319.5(r)33.9(ole)50.1(,)-226.8(and ho)27.2(w)]TJ
-0.9211 -1.1596 TD
0.0101 Tc
0 Tw
(we)Tj
1.1921 0 TD
( )Tj
0.9608 0 TD
0.025 Tc
0.6858 Tw
[(mana)22(ge a b)22(usiness with 185,000)]TJ
-2.1529 -1.1596 TD
0.005 Tc
0.3486 Tw
[(emplo)35.9(y)7.1(ees in 81 countries and territories)]TJ
T*
0.0069 Tw
[(ar)34(ound the w)33(o)0(r)7.1(ld,)-261.8(and w)21.1(her)13(e half)-354.6(the pr)34(ofits)]TJ
T*
0.025 Tw
[(ar)13(e made w)21.1(hen Im asleep)64(.)]TJ
0 -1.5462 TD
-0.076 Tc
0 Tw
(We)Tj
1.372 0 TD
( )Tj
0.6284 0 TD
0.02 Tc
0.3584 Tw
[(can no)27.2(w see theory being put into)]TJ
-2.0005 -1.1596 TD
0.5272 Tw
[(pr)7.1(actice)56.9(.)-797.2(This y)7.1(ear)94(,)-797.2(China is planning)]TJ
T*
0 Tc
0.1978 Tw
[(corpor)7.1(a)29.1(te go)33(v)13.9(ernance legisla)29.1(tion tha)29.1(t limits)]TJ
T*
0.2919 Tw
[(people to fi)13.9(v)13.9(e)0( dir)13(ectorships and manda)29.1(tes)]TJ
T*
0.02 Tc
0.5637 Tw
[(one non-e)14(x)12.9(ecuti)13.9(v)13.9(e)0( dir)13(ector m)21.1(ust be a)]TJ
T*
0 Tc
0.025 Tw
(qualified accountant.)Tj
22.1482 59.914 TD
-0.031 Tw
[(And in Shenzhen the economic po)27.1(w)14.9(erhouse)]TJ
0 -1.1596 TD
-0.0363 Tw
[(ne)14(xt to Hong K)67(ong r)13(e)0(f)40.1(o)0(r)-20.7(ms ar)13(e being put in)]TJ
T*
0.2233 Tw
[(place to separ)7.1(a)29.1(te the po)27.1(w)14.9(ers of)-566.1(party and)]TJ
T*
0.1573 Tw
[(go)33(v)13.9(ernment fr)34(om b)22(usiness acti)13.9(vities)50.1(,)-407.3(and to)]TJ
T*
-0.0125 Tw
[(de)14(v)13.9(elop the legisla)29.1(tur)13(e in a conscious a)29.1(ttempt)]TJ
T*
0.02 Tc
0.498 Tw
[(to echo W)96(estern systems of)-860.8(corpor)7.1(a)29.1(t)0(e)]TJ
T*
0 Tc
0.2726 Tw
[(go)33(v)13.9(ernance and a legal system compa)29.1(tib)14(le)]TJ
T*
0.025 Tw
[(with a full)21(y de)14(v)13.9(eloped econom)27.2(y)115(.)]TJ
0 -1.5462 TD
0.02 Tc
0.545 Tw
[(During the pr)34(ocess of)-907.7(planning these)]TJ
0 -1.1596 TD
-0.0129 Tc
0 Tw
(re)Tj
0.8101 0 TD
-0.0401 Tc
(fo)Tj
0.845 0 TD
0.0207 Tc
(rm)Tj
1.2288 0 TD
-0.0501 Tc
(s,)Tj
0.9959 0 TD
0 Tc
0.14 Tw
[(they studied models fr)33.9(om the UK,)]TJ
-3.8797 -1.1596 TD
0.025 Tw
[(Singa)21(por)13(e and Hong K)66.9(ong.)]TJ
0 -1.5462 TD
0.02 Tc
0.8408 Tw
[(Incidentall)21(y)86.9(,)-1110.7(Shenzhen no)27.2(w has 300)]TJ
0 -1.1596 TD
0 Tc
0.2697 Tw
[(companies run b)20.1(y)0( Silicon V)74(alley r)13(eturnees)]TJ
T*
0.3687 Tw
[(and 1,000 f)40.1(o)0(r)13(eign-educa)29.1(ted Chinese mo)33(v)13.9(e)]TJ
T*
0.025 Tw
[(ther)13(e each y)7.1(ear)65(.)]TJ
0 -1.5462 TD
0 Tw
(P)Tj
0.585 0 TD
-0.019 Tw
[(eople left China steadil)21(y during the past 200)]TJ
-0.585 -1.1596 TD
0 Tw
(y)Tj
0.4929 0 TD
0.2646 Tw
[(ears)50(,)-514.6(b)22(ut these emigr)7.1(ants ne)13.9(v)13.9(er lost their)]TJ
-0.4929 -1.1596 TD
0.3682 Tw
[(lo)33(v)13.9(e)0( of)-710.9(their country)115(.)-618.2(The r)13(eturn of)-710.9(the)]TJ
6.5197 -1.1596 TD
-0.033 Tc
0 Tw
(ov)Tj
1.0051 0 TD
0 Tc
0.2138 Tw
[(erseas Chinese is lik)33(el)21(y to)]TJ
-1.0051 -1.1596 TD
0.02 Tc
1.0574 Tw
[(be one of)-1420.1(the gr)12.9(ea)29.1(t)]TJ
T*
0.9372 Tw
[(migr)7.1(a)29.1(tions of)-1299.9(the 21st)]TJ
T*
0 Tc
0.0687 Tw
[(century)115(.)-318.7(Tha)29.1(t is w)21.1(h)55.9(y I said a)29.1(t)]TJ
T*
0.02 Tc
0.5108 Tw
[(the beginning tha)29.1(t China)]TJ
T*
0 Tc
0 Tw
(w)Tj
0.686 0 TD
0.1588 Tw
[(ould benefit fr)34(om both the)]TJ
-0.686 -1.1596 TD
0.025 Tw
[(tr)13(ends I ha)75(v)13.9(e)0( talk)33(ed a)43(bout.)]TJ
0 -1.5462 TD
0.02 Tc
0.3561 Tw
[(The n)35.9(umber of)-718.9(T)74(aiw)19.1(anese)]TJ
-6.5197 -1.1596 TD
0 Tc
0.2706 Tw
[(li)13.9(ving in mainland China has gr)33.9(o)27.1(wn fr)34(om)]TJ
T*
0.2834 Tw
[(300,000 to 500,000 in the past tw)33(o y)7.1(ears)63.9(.)]TJ
T*
0 Tw
(W)Tj
0.9609 0 TD
0.1481 Tw
[(hile their political leaders still ha)75(v)13.9(e)0( man)40.1(y)]TJ
-0.9609 -1.1596 TD
0.2574 Tw
[(issues to r)13(esolv)14(e)50.1(,)-507.4(2.5 per cent of)-600.2(T)74(aiw)19.1(an)35.9()81(s)]TJ
T*
0.025 Tw
[(people ha)75(v)13.9(e)0( sought emplo)35.9(yment in China.)]TJ
0 -1.5462 TD
0.0661 Tw
[(And the 55 million o)33(v)13.9(erseas Chinese ar)34(ound)]TJ
0 -1.1596 TD
0.0097 Tc
0.3653 Tw
[(the w)33(o)0(r)7.1(ld the bamboo netw)33(or)14(k ar)13(e)]TJ
T*
0 Tc
0 Tw
(r)Tj
0.3721 0 TD
0.1342 Tw
[(esponsib)14(le f)40.1(or a)43(bout tw)33(o-thir)13.9(d)81.1(s of)-476.9(China)81.1(s)]TJ
-0.3721 -1.1596 TD
0.1311 Tw
[(FDI,)-381.1(a)43(bout 200 billion dollars o)33(v)13.9(er the last)]TJ
T*
0.025 Tw
[(20 y)7.1(ears)64(.)]TJ
0 -1.5462 TD
0.3508 Tw
[(The journey to China becoming a w)33(o)0(r)7.1(l)0(d)]TJ
0 -1.1596 TD
0.1975 Tw
[(po)27.1(w)14.9(er will not be entir)13(el)21(y smooth,)-447.5(b)22(ut the)]TJ
T*
0.02 Tc
0.7072 Tw
[(dir)13(ection is ine)14(x)27.1(o)0(r)7.1(a)43(b)13.9(le and the onl)21(y)]TJ
T*
0 Tc
0.1602 Tw
[(judgement is ho)27.1(w long it will tak)33(e)56.9(.)-410.2(F)79.1(or the)]TJ
T*
0 Tw
(W)Tj
0.914 0 TD
0.02 Tc
0.5204 Tw
[(est,)-790.3(enga)22(gement is the onl)21.1(y sensib)14(le)]TJ
-0.914 -1.1596 TD
0 Tc
0.2057 Tw
[(str)7.1(a)29.1(tegy and an)40.1(y a)29.1(ttempts to isola)29.1(te China)]TJ
T*
0.025 Tw
[(will be counter)16.1(-pr)34(oducti)13.9(v)13.9(e)56.9(.)]TJ
0 -1.5462 TD
-0.0762 Tc
0 Tw
(We)Tj
1.3716 0 TD
( )Tj
0.625 0 TD
0.0198 Tc
0.3552 Tw
[(stand on the thr)13(eshold of)-717.7(the 21st)]TJ
-1.9966 -1.1596 TD
0 Tc
0.3344 Tw
[(century;)-584.4(w)14.9(e)0( can alr)13(ead)29.1(y see some of)-677.2(the)]TJ
T*
0.025 Tw
[(dominant tr)13(ends)64(.)]TJ
0 -1.5462 TD
0 Tw
(P)Tj
0.585 0 TD
0.0521 Tw
[(eople will mo)33(v)13.9(e)0( on an unpr)13(ecedented scale)56.9(.)]TJ
-0.585 -1.1596 TD
0.0757 Tw
[(Mor)13(e and mor)13(e people will choose w)21(her)13(e to)]TJ
T*
0.1772 Tw
[(li)13.9(v)13.9(e)0( because of)-519.9(the quality of)-519.9(life they can)]TJ
T*
0 Tw
(obtain.)Tj
ET
0 G
299.745 756.958 m
299.745 72.999 l
S
1 g
41.52 44.75 510.24 -12.08 re
f
BT
10 0 0 10 288.0577 36.5828 Tm
0 g
0.025 Tw
[(- 4)-275(-)]TJ
ET
1 g
41.52 24 72.48 -14 re
f
BT
7 0 0 7 42.5197 17.9807 Tm
0 g
(6216 GCQ)Tj
ET
Q
q
1 i
461.05 823.75 90.71 -28.75 re
74.635 17.981 m
W* n
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
/Cs6 cs 0.137 0.122 0.125 scn
/GS2 gs
472.881 808.618 m
472.87 808.618 472.881 803.092 y
472.881 802.398 472.284 801.79 471.502 801.79 c
471.09 801.79 470.753 801.79 y
470.753 801.508 l
477.093 801.508 l
477.093 801.79 l
476.756 801.79 476.344 801.79 v
475.573 801.79 474.965 802.409 474.965 803.092 c
474.965 808.705 l
474.965 814.513 474.965 815.403 v
474.965 816.076 475.562 816.706 476.344 816.706 c
476.756 816.706 477.093 816.706 y
477.093 816.988 l
470.753 816.988 l
470.753 816.706 l
471.09 816.706 471.502 816.706 v
472.295 816.706 472.881 816.076 472.881 815.403 c
472.881 814.513 472.881 809.4 y
465.369 809.4 l
465.369 814.513 465.369 815.403 v
465.369 816.076 465.977 816.706 466.748 816.706 c
467.16 816.706 467.497 816.706 y
467.497 816.988 l
461.157 816.988 l
461.157 816.706 l
461.493 816.706 461.906 816.706 v
462.688 816.706 463.285 816.076 463.285 815.403 c
463.285 814.513 463.285 808.705 y
463.285 803.092 l
463.285 802.409 462.688 801.79 461.906 801.79 c
461.493 801.79 461.157 801.79 y
461.157 801.508 l
467.497 801.508 l
467.497 801.79 l
467.16 801.79 466.748 801.79 v
465.977 801.79 465.369 802.409 465.369 803.092 c
465.38 808.618 465.369 808.618 v
472.881 808.618 l
f
487.958 805.558 m
488.012 804.648 487.447 803.268 486.666 802.562 c
485.913 801.883 484.842 801.292 483.409 801.292 c
481.781 801.292 480.38 802.161 479.87 802.356 c
479.561 802.474 479.156 802.461 478.915 802.313 c
478.632 802.139 478.459 801.857 478.393 801.336 c
478.155 801.336 l
478.155 806.698 l
478.393 806.698 l
478.611 805.048 479.381 804.079 479.859 803.529 c
480.641 802.628 482.117 802.117 483.539 802.345 c
484.669 802.526 485.906 803.752 485.77 805.271 c
485.721 805.819 485.601 806.616 484.462 807.361 c
483.747 807.828 482.732 808.491 481.769 809.129 c
480.555 809.935 479.453 810.807 479.143 811.16 c
478.737 811.622 478.231 812.289 478.231 813.353 c
478.231 814.265 478.578 815.307 479.316 816.002 c
480.055 816.696 481.053 817.217 482.486 817.217 c
483.919 817.217 485.005 816.458 485.374 816.284 c
485.743 816.11 486.151 816.151 486.383 816.284 c
486.611 816.414 486.763 816.609 486.829 817.131 c
487.067 817.131 l
487.067 812.05 l
486.829 812.05 l
486.611 813.7 485.895 814.938 485.396 815.394 c
484.896 815.85 483.919 816.479 482.465 816.197 c
481.069 815.926 480.39 815.296 480.261 814.178 c
480.163 813.327 480.625 812.803 480.891 812.484 c
481.433 811.833 484.878 809.882 486.438 808.533 c
487.241 807.838 487.871 807.013 487.958 805.558 c
f
497.997 809.411 m
500.757 808.464 501.543 806.517 501.031 804.51 c
500.429 802.15 497.769 801.671 496.906 801.557 c
496.517 801.506 495.523 801.51 494.54 801.509 c
492.787 801.509 490.568 801.514 488.786 801.514 c
488.786 801.796 l
489.264 801.796 489.698 801.796 v
490.279 801.796 490.941 802.285 490.941 803.023 c
490.941 814.644 490.941 815.382 v
490.941 816.12 490.279 816.619 489.704 816.619 c
489.269 816.619 488.792 816.619 y
488.792 816.902 l
490.365 816.902 492.657 816.902 494.295 816.902 c
495.62 816.902 496.339 816.775 496.803 816.685 c
497.585 816.533 499.864 815.86 500.407 813.732 c
500.827 812.086 500.005 810.009 497.997 809.411 c
h
493.004 809.846 m
493.764 809.65 496 809.599 496.868 810.15 c
498.229 811.013 498.7 812.398 498.449 813.624 c
498.299 814.36 497.91 815.039 497.237 815.512 c
495.913 816.446 494.002 816.294 493.004 815.99 c
493.004 809.846 l
h
493.004 802.383 m
494.076 802.051 496.118 801.797 497.54 802.815 c
499.247 804.037 499.607 807.023 497.198 808.578 c
496.228 809.205 493.807 809.162 493.004 808.973 c
493.004 802.383 l
f
515.542 816.717 m
515.765 811.474 l
515.45 811.463 l
515.298 812.787 514.799 813.721 514.169 814.329 c
513.988 814.504 513.644 814.858 513.148 815.171 c
512.321 815.692 511.092 816.152 509.631 815.892 c
507.439 815.501 506.31 814.051 505.745 812.657 c
505.05 810.942 504.61 808.01 505.788 805.536 c
506.745 803.527 508.583 802.69 510.001 802.474 c
511.209 802.291 513.887 802.347 515.928 805.102 c
516.253 804.884 l
514.668 802.648 512.562 801.215 510.152 801.237 c
507.069 801.265 505.133 802.963 504.247 803.972 c
503.313 805.037 502.597 807.056 502.588 808.814 c
502.58 810.377 502.925 812.117 503.487 813.135 c
504.453 814.883 506.472 816.619 509.132 816.88 c
511.123 817.075 512.432 816.684 513.55 816.044 c
514.109 815.724 514.424 815.686 514.728 815.816 c
515.032 815.947 515.276 816.207 515.276 816.717 c
515.542 816.717 l
f
536.337 809.241 m
f
520.869 809.241 m
528.603 801.507 l
528.603 816.974 l
520.869 809.241 l
f
528.604 801.508 m
544.071 801.508 l
536.338 809.241 l
528.604 801.508 l
f
536.338 809.241 m
544.071 816.974 l
528.604 816.974 l
536.338 809.241 l
f
544.072 816.974 m
544.072 801.507 l
551.805 809.241 l
544.072 816.974 l
f
Q
q
1 i
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
0.6 g
234.53 495.48 141.74 -70.87 re
f
0 g
230.28 500.14 141.73 -70.86 re
f
BT
/F1 1 Tf
16 0 0 16 271.7092 470.2683 Tm
1 g
0 Tc
0.025 Tw
[(thirst f)21(o)0(r)]TJ
-0.3365 -1.2 TD
0 Tw
[(kno)13.9(wledge)]TJ
ET
Q
endstream
endobj
19 0 obj
<<
/ProcSet [ /PDF /Text ]
/Font << /F1 4 0 R /F2 5 0 R >>
/ExtGState << /GS1 6 0 R /GS2 7 0 R >>
/ColorSpace << /Cs6 8 0 R >>
>>
endobj
20 0 obj
<<
/Type /Page
/Parent 9 0 R
/Resources 22 0 R
/Contents 21 0 R
>>
endobj
21 0 obj
<< /Length 8108 >>
stream
1 g
/GS1 gs
13 830 m
13 830 l
f
q
1 i
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
/Cs6 CS 0.137 0.122 0.125 SCN
0 J 0 j 0.5 w 10 M []0 d
42.43 784.36 509.74 -728 re
13 830 m
S
71.66 756.96 455.25 -223.73 re
f
BT
/F2 1 Tf
11 0 0 11 72.6614 748.0732 Tm
0 g
0 Tc
-0.0327 Tw
[(Ther)13(e is a pr)13(essing need f)40.1(or the peoples of)-310.1(the)]TJ
0 -1.1596 TD
0.0958 Tw
[(OECD countries to find w)19.1(a)40(ys to shar)13(e their)]TJ
T*
0.02 Tc
0.3582 Tw
[(standar)14(ds of)-720.9(li)13.9(ving with the de)14(v)13.9(eloping)]TJ
T*
-0.033 Tc
0 Tw
[(wo)-33(r)]TJ
1.616 0 TD
0 Tc
(ld.)Tj
-1.616 -1.5462 TD
(T)Tj
0.613 0 TD
0.02 Tc
0.8637 Tw
[(echnolo)21.1(gy and comm)21.1(unica)29.1(tions will)]TJ
-0.613 -1.1596 TD
0 Tc
0.1994 Tw
[(connect people ar)34(ound the w)33(o)0(r)7.1(ld in a w)19.1(a)40(y)]TJ
T*
0.0141 Tc
0.3609 Tw
[(tha)29.1(t politics w)21.1(hich r)13(emains essentiall)21(y)]TJ
T*
0 Tc
0.0866 Tw
[(domestic finds har)13.9(d to accommoda)29.1(te)56.9(.)-336.6(The)]TJ
T*
0 Tw
(W)Tj
0.894 0 TD
0.2521 Tw
[(est is in f)40.1(or a sustained period of)-594.9(price)]TJ
-0.894 -1.1596 TD
0.0074 Tw
[(pr)13(essur)13(e on an)40.1(y goods or services tha)29.1(t can be)]TJ
T*
0.253 Tw
[(pr)34(oduced in an emer)27.1(ging econom)27.2(y;)-503(this is)]TJ
T*
0.0095 Tc
0.3655 Tw
[(good f)40.1(or consumers)50.1(,)-625(tough f)40.1(or domestic)]TJ
T*
0 Tc
0 Tw
[(pr)34(oducers)64(.)]TJ
0 -1.5462 TD
-0.036 Tw
[(The mass consumer mar)14(k)33(ets of)-306.7(tomorr)33.9(o)27.1(w)0( ar)13(e)]TJ
0 -1.1596 TD
0.2414 Tw
[(in China and other de)14(v)13.9(eloping economies:)]TJ
T*
0.02 Tc
0.5297 Tw
[(India,)-799.7(Me)14(xico)35.9(,)-799.7(B)0(r)7.1(azil.)-799.7(Goldman Sachs)]TJ
22.1482 18.1675 TD
0.5627 Tw
[(estima)29.1(tes tha)29.1(t de)14(v)13.9(eloping mar)14(k)33(ets will)]TJ
0 -1.1596 TD
0 Tc
0.0803 Tw
[(pr)34(o)33(vide a)43(bout half)-423(the gr)33.9(o)27.1(wth in demand in)]TJ
T*
0.0258 Tw
[(the w)33(o)0(r)7.1(ld econom)27.2(y o)33(v)13.9(er the ne)13.9(xt thirty y)7.1(ears)]TJ
T*
0.2556 Tw
[( those consumer s)35.9(w)14.9(eet spots lik)33(e China)81.1(s)]TJ
T*
0 Tw
[(cars)64(.)]TJ
0 -1.5462 TD
0.0635 Tw
[(So w)15(e)0( will see the rise of)-406.3(China as a ne)13.9(w or)94(,)]TJ
0 -1.1596 TD
[(they w)33(ould sa)40.1(y)86.9(,)-313.5(r)12.9(estor)13(ed po)27.1(w)14.9(e)0(r)65(.)-313.5(I am e)14(x)20(cited)]TJ
T*
-0.02 Tc
0 Tw
(by)Tj
1.032 0 TD
( )Tj
0.2398 0 TD
0 Tc
-0.0102 Tw
[(the pr)34(ospect.)-239.8(And I belie)13.9(v)13.9(e)0( the W)96(est toda)40.1(y)]TJ
-1.2718 -1.1596 TD
0.1617 Tw
[(has a gr)12.9(ea)29.1(t opportunity to enga)22(ge with the)]TJ
T*
0.1436 Tw
[(ne)14(w China.)-393.6(I al)13.9(w)19(a)40(ys r)13(emember the Chinese)]TJ
T*
0.0011 Tw
[(char)7.1(acter f)40.1(or thr)13(ea)29.1(t is the same as the one f)40(o)0(r)]TJ
T*
0 Tw
[(opportunity)115(.)]TJ
0 -1.5462 TD
0.2707 Tw
[(Let me conclude b)20.1(y)0( thanking the F)79.1(o)0(r)13(eign)]TJ
0 -1.1596 TD
0 Tw
(P)Tj
0.5569 0 TD
0.1366 Tw
[(olicy Associa)29.1(tion once a)22(gain f)40.1(or this gr)12.9(ea)29.1(t)]TJ
-0.5569 -1.1596 TD
0.025 Tw
[(honour)65(.)-275(Thank y)40.1(ou.)]TJ
ET
0 G
299.745 756.958 m
299.745 72.999 l
S
1 g
41.52 44.75 510.24 -12.08 re
f
BT
10 0 0 10 288.0577 36.5828 Tm
0 g
[(- 5)-275(-)]TJ
ET
1 g
41.52 24 72.48 -14 re
f
BT
7 0 0 7 42.5197 17.9807 Tm
0 g
(6216 GCQ)Tj
ET
Q
q
1 i
461.05 823.75 90.71 -28.75 re
74.635 17.981 m
W* n
-2 843 597 -844 re
13 830 m
W n
0 842.04 594.96 -842.04 re
W n
/Cs6 cs 0.137 0.122 0.125 scn
/GS2 gs
472.881 808.618 m
472.87 808.618 472.881 803.092 y
472.881 802.398 472.284 801.79 471.502 801.79 c
471.09 801.79 470.753 801.79 y
470.753 801.508 l
477.093 801.508 l
477.093 801.79 l
476.756 801.79 476.344 801.79 v
475.573 801.79 474.965 802.409 474.965 803.092 c
474.965 808.705 l
474.965 814.513 474.965 815.403 v
474.965 816.076 475.562 816.706 476.344 816.706 c
476.756 816.706 477.093 816.706 y
477.093 816.988 l
470.753 816.988 l
470.753 816.706 l
471.09 816.706 471.502 816.706 v
472.295 816.706 472.881 816.076 472.881 815.403 c
472.881 814.513 472.881 809.4 y
465.369 809.4 l
465.369 814.513 465.369 815.403 v
465.369 816.076 465.977 816.706 466.748 816.706 c
467.16 816.706 467.497 816.706 y
467.497 816.988 l
461.157 816.988 l
461.157 816.706 l
461.493 816.706 461.906 816.706 v
462.688 816.706 463.285 816.076 463.285 815.403 c
463.285 814.513 463.285 808.705 y
463.285 803.092 l
463.285 802.409 462.688 801.79 461.906 801.79 c
461.493 801.79 461.157 801.79 y
461.157 801.508 l
467.497 801.508 l
467.497 801.79 l
467.16 801.79 466.748 801.79 v
465.977 801.79 465.369 802.409 465.369 803.092 c
465.38 808.618 465.369 808.618 v
472.881 808.618 l
f
487.958 805.558 m
488.012 804.648 487.447 803.268 486.666 802.562 c
485.913 801.883 484.842 801.292 483.409 801.292 c
481.781 801.292 480.38 802.161 479.87 802.356 c
479.561 802.474 479.156 802.461 478.915 802.313 c
478.632 802.139 478.459 801.857 478.393 801.336 c
478.155 801.336 l
478.155 806.698 l
478.393 806.698 l
478.611 805.048 479.381 804.079 479.859 803.529 c
480.641 802.628 482.117 802.117 483.539 802.345 c
484.669 802.526 485.906 803.752 485.77 805.271 c
485.721 805.819 485.601 806.616 484.462 807.361 c
483.747 807.828 482.732 808.491 481.769 809.129 c
480.555 809.935 479.453 810.807 479.143 811.16 c
478.737 811.622 478.231 812.289 478.231 813.353 c
478.231 814.265 478.578 815.307 479.316 816.002 c
480.055 816.696 481.053 817.217 482.486 817.217 c
483.919 817.217 485.005 816.458 485.374 816.284 c
485.743 816.11 486.151 816.151 486.383 816.284 c
486.611 816.414 486.763 816.609 486.829 817.131 c
487.067 817.131 l
487.067 812.05 l
486.829 812.05 l
486.611 813.7 485.895 814.938 485.396 815.394 c
484.896 815.85 483.919 816.479 482.465 816.197 c
481.069 815.926 480.39 815.296 480.261 814.178 c
480.163 813.327 480.625 812.803 480.891 812.484 c
481.433 811.833 484.878 809.882 486.438 808.533 c
487.241 807.838 487.871 807.013 487.958 805.558 c
f
497.997 809.411 m
500.757 808.464 501.543 806.517 501.031 804.51 c
500.429 802.15 497.769 801.671 496.906 801.557 c
496.517 801.506 495.523 801.51 494.54 801.509 c
492.787 801.509 490.568 801.514 488.786 801.514 c
488.786 801.796 l
489.264 801.796 489.698 801.796 v
490.279 801.796 490.941 802.285 490.941 803.023 c
490.941 814.644 490.941 815.382 v
490.941 816.12 490.279 816.619 489.704 816.619 c
489.269 816.619 488.792 816.619 y
488.792 816.902 l
490.365 816.902 492.657 816.902 494.295 816.902 c
495.62 816.902 496.339 816.775 496.803 816.685 c
497.585 816.533 499.864 815.86 500.407 813.732 c
500.827 812.086 500.005 810.009 497.997 809.411 c
h
493.004 809.846 m
493.764 809.65 496 809.599 496.868 810.15 c
498.229 811.013 498.7 812.398 498.449 813.624 c
498.299 814.36 497.91 815.039 497.237 815.512 c
495.913 816.446 494.002 816.294 493.004 815.99 c
493.004 809.846 l
h
493.004 802.383 m
494.076 802.051 496.118 801.797 497.54 802.815 c
499.247 804.037 499.607 807.023 497.198 808.578 c
496.228 809.205 493.807 809.162 493.004 808.973 c
493.004 802.383 l
f
515.542 816.717 m
515.765 811.474 l
515.45 811.463 l
515.298 812.787 514.799 813.721 514.169 814.329 c
513.988 814.504 513.644 814.858 513.148 815.171 c
512.321 815.692 511.092 816.152 509.631 815.892 c
507.439 815.501 506.31 814.051 505.745 812.657 c
505.05 810.942 504.61 808.01 505.788 805.536 c
506.745 803.527 508.583 802.69 510.001 802.474 c
511.209 802.291 513.887 802.347 515.928 805.102 c
516.253 804.884 l
514.668 802.648 512.562 801.215 510.152 801.237 c
507.069 801.265 505.133 802.963 504.247 803.972 c
503.313 805.037 502.597 807.056 502.588 808.814 c
502.58 810.377 502.925 812.117 503.487 813.135 c
504.453 814.883 506.472 816.619 509.132 816.88 c
511.123 817.075 512.432 816.684 513.55 816.044 c
514.109 815.724 514.424 815.686 514.728 815.816 c
515.032 815.947 515.276 816.207 515.276 816.717 c
515.542 816.717 l
f
536.337 809.241 m
f
520.869 809.241 m
528.603 801.507 l
528.603 816.974 l
520.869 809.241 l
f
528.604 801.508 m
544.071 801.508 l
536.338 809.241 l
528.604 801.508 l
f
536.338 809.241 m
544.071 816.974 l
528.604 816.974 l
536.338 809.241 l
f
544.072 816.974 m
544.072 801.507 l
551.805 809.241 l
544.072 816.974 l
f
Q
endstream
endobj
22 0 obj
<<
/ProcSet [ /PDF /Text ]
/Font << /F2 5 0 R >>
/ExtGState << /GS1 6 0 R /GS2 7 0 R >>
/ColorSpace << /Cs6 8 0 R >>
>>
endobj
23 1 obj
<< /Type /Metadata /Subtype /XML /Length 1358 >>
stream
2003-02-18T17:29:41Z
2003-02-18T17:30:33Z
Acrobat Distiller 5.00 for Macintosh
Darren
QuarkXPress. 4.11: LaserWriter 8 Z1-8.7.1
???? JM JB Speech 13 Feb2003
2003-02-18T17:29:41Z
2003-02-18T17:30:33Z
Darren
2003-02-18T17:30:33Z
???? JM JB Speech 13 Feb2003
Darren
???? JM JB Speech 13 Feb2003
endstream
endobj
26 0 obj
<<
/Type /FontDescriptor
/Ascent 712
/CapHeight 712
/Descent -232
/Flags 262178
/FontBBox [ -191 -241 1065 957 ]
/FontName /TimesNRMT-Bold
/ItalicAngle 0
/StemV 137
/XHeight 472
/StemH 35
/FontFile3 27 0 R
>>
endobj
27 0 obj
<< /Filter /FlateDecode /Length 14316 /Subtype /Type1C >>
stream
HiPTǻ(|cEP6F"0tC "k4@8`*ڎLDG4V9Ǩ%c*ʗSuw9^.?r-؈xUb2I5۠8C߇=_7XΰLr4
K5ٙY:-ݝ
J*TSktPI)^Tp^+4JRST:7,bUiTJc٬^TP:MBɥTT|PtJ*7lUU_pqx'ɕrMYγ6c:?Q%<.nY4O(/o*tjqM{0ozqT%c3VVm~e0̐3_V'{8[YVϞ?{D:Q#>3O#g*rBV%3Sk7
,ԑH:v:9SεΗ]|]6\wumzΠ#cܶ>{zkRl^^ixgys|'oZྠYU{0$6Lૠ5A._$X4{QrJ~_D|\-i)LϣPtDt M'3t}M?7{1\FX0C03gfɬbRhRbCL3ʜdN3( %+L%֗ ֎E3z{DvwRrvfEH ֍n1ÐڝiI`FY8aQ`L,Qc!"=/7mޢ}:r E 7R=H.TO","ku5c]=ezʃS5<|`0\|,BxCB=ތ-d3тyl5ZB~I63I6wy~jОMm2*M f-i>1zԊЌ
2"#$amKĥ_h햗="i8&a9W7_Ov7&.j5}kdN7ʘF?/
6`*ͷ`1>N<6a0Lp~Gή:D.5[U9wv#1c%zĶܬ4N4BS9_!|Gpn=xR~ϜlQJhQNFźHo+o~99@܍#< H/p~xoAWvI,7l,߾A[p7D{fY
Ze8>7+`?pau_]h!Wmi':]<旦ė? W,¢C&{qw^n 69Cv2@7UKkjVI[In9G=ZtJ kvu1pE@Y/؎_$?fU@4٢2JA8,A@?X@C#%0j@Sb=h"ӏ|QG?,ofve77쬓96"ňH7wmoοB[ްw5R5"6 h DarbGC?4ӎpZ?ر-ILM5d1;U&S