I'd like to add a few of my thoughts to this discussion.
The English teaching job market in China is highly influenced by the law of supply and demand. Due to the economic crisis in the West, teaching jobs in China have become extremely competitive. I screen job applications for a couple of private schools in China and, just two years ago, applications from teachers with real bachelor's degrees comprised no more than 20 percent or so of the total pool. Today, almost all our applicants have bachelor's degrees and over 25 percent have master's degrees.
I think the time has come in which just being a white native-speaker is no longer good enough for finding a job as an English teacher in China, generally speaking. There will still be opportunities at private English language schools in relatively undesirable locations throughout China for those who are non-degreed or either too young or old (under 22 or over 60-years of age, respectively) but even those types of opportunities are becoming fewer in number as teachers with bachelor's degrees are losing the more competitive positions to candidates with master's and even doctoral degrees.
I also know foreign English teachers in China who are in their 60s and even 70s, but they have been here for quite awhile and, also, they are highly qualified in most instances. I think it will be very difficult for a 62-year old man to find work as an English teacher in China if he has never taught before and doesn't hold a minimum of a bachelor's degree. It's not impossible, but he would need to focus his job search in areas like Inner Mongolia and, perhaps, the northeast of China as well, e.g., Liaoning or Heilongjiang Provinces.