Q2 In 2025, China's exports rose 6.1 percent, newly established foreign-invested enterprises increased by 19.1 percent, and research and development intensity reached 2.8 percent of GDP. Against the backdrop of global supply chain reconfiguration, is China's role in your global strategy expanding? How do you evaluate China's integrated advantages — manufacturing depth, innovation capacity, infrastructure and market scale — in supporting your production networks and supply resilience? Does China function primarily as a market, a production base, an innovation hub, or increasingly all three within your corporate architecture?

YIN: As a major engine of global economic growth, China is not only a vast open market and a key part of the global supply chain, but also a hub of world-class innovation. In particular, China is advancing its energy transformation to fuel the development of new quality productive forces with abundant impetus, while accelerating the rollout of its "AI +" initiative to equip all industries with advanced technological tools. We believe that to invest in China is to invest in the future. Under the "China Hub" strategy, Schneider Electric has built an agile mechanism that integrates R&D, production and sales forces. Driven by innovation, we have established five R&D centers and an AI innovation lab in China, making it the only country where we boost full R&D capabilities across all of our business lines.

ZHANG: China holds a long-term strategic position in Citi's global network and for many of our clients. We have established a track record since 1902 when we first set up a presence in the country. The market presents an integrated economic system where immense consumer scale, a profound manufacturing base, and a rapidly advancing innovation ecosystem converge. Today, we proudly serve 70 percent of the Fortune 500 companies in China, more than 300 leading local enterprises, and a growing number of innovative new economy companies. In this dynamic environment, Citi's commitments to connecting global investors and corporate clients to strategic opportunities in China stay unwaveringly strong.

LIN: Corning regards China as one of its most important strategic markets globally. China is the only market outside the United States where all five business segments and emerging businesses operate. With 46 years of development in China, Corning has been deeply involved in and benefited from China's modernization process. In 2025, Corning China achieved strong growth in its performance. We have focused on not only building a strong local footprint, but also supporting the growth of key Chinese industries into global leaders. Corning firmly believes that truly sustainable innovation cannot be achieved without clear rules, respect for innovation achievements, and long-term, stable investment.

LI: China's integrated advantages — manufacturing depth, innovation capacity, robust infrastructure and vast market scale — strongly underpin both global and domestic production networks and supply resilience. As the world's largest manufacturing base, China offers comprehensive industrial supply chains spanning 41 major sectors, which streamlines procurement and production for global companies. Its sustained growth in high-tech manufacturing, supported by significant R&D investment and a growing number of innovation clusters, enhances its capacity for technological upgrades and resilience. Advanced infrastructure — transport, logistics and digital connectivity — facilitates timely, cost-effective movement of goods.