Developed-market bond sell-offs reflect multiple overlapping shocks, suggesting that real rates may stay high for the next decade and prompting investors to recalibrate risk-return profiles, AIA CIO Mark Konyn told Yicai in an exclusive interview. China's structural shift toward long-term, high-quality growth offers genuine opportunities. While short-term volatility may persist as results materialize, the long-term trajectory remains clear, he added.