Sir John Bond：
Good Evening Ladies and Gentlemen.
I have to say it's great to be standing in an economy that's growing at seven per cent. Life's a lot more fun when an economy is growing. I'd certainly like to spend more of my time here than in economies growing at 1.5 per cent.
I gave a speech in the US last month when I pointed out that China had been the world's largest economy for 18 out of the last 20 centuries. And there is no doubt in my mind that China will regain that position.
I feel privileged to be here to listen to China's leaders explain their policies， and their thinking. I also think that the willingness to listen to other people's experiences shows a mature attitude which is in contrast， I am sorry to say， to many in the West.
It is always a matter of amazement to me that some Western politicians and commentators - from countries that are no larger than one province of China - feel well qualified to tell China how it should be governed.
It behoves all of us to understand that the challenge of governing a country of 1.3 billion people is something that nobody is qualified to speak on， except China's leaders themselves， and， I guess maybe India's.
It seems to me that every nation needs policies to suit its own history and culture. It is arrogant in the extreme to think that there is a one-size-fits-all solution that works for everyone. And even more arrogant to think that your particular solution is the only one.
I have nothing but admiration for the progress China has made since I first visited in 1972. The Chinese leadership has shown great skill in achieving stunning economic growth over the past 25 years while at the same time managing the change and transition that this level of growth inevitably brings.
The development of consumer markets is an important part of this process. Because two-thirds of most economies are driven by consumer spending. China has huge potential consumer markets which will underpin economic growth both today and， even more so， tomorrow.
Globally， HSBC sees the consumer markets of tomorrow as China， India， Brazil， Mexico； all countries that have the potential to move very rapidly up the gdp-per-capita scale. We would put China at the top of the list.
Everywhere I go， I see tangible signs of China's progress： in the hotels， in the airports， the transport systems. And there is much more to come.
Getting the right products in the right people's hands at the right prices is the fundamental task of a consumer economy. Putting in place the distribution systems to facilitate the creation of consumer markets is going to be hugely important in the years ahead.
In a market， you need measures to protect consumers， but not in such a heavy-handed way as to discourage investment. Drawing the line between the interests of the consumers and the interests of the producers is a delicate task for governments and business people.
I do not underestimate the challenges that China faces. But based on the track record over the past 25 years， I know China will meet the challenge and leapfrog the West in many areas - I think of technology and communications.
And in the process， China has the opportunity to avoid some of the pitfalls that have snared progress elsewhere.
The scale of the opportunity for China makes this the most important meeting that I attend every year. I am honoured to be a participant.