Q4 China's trade-in program generated over 2.6 trillion yuan in sales in 2025, alongside the "Shopping in China" and "Export to China" initiatives. China's exports grew 6.1 percent year-on-year. How is your company aligning its China strategy to capture both domestic consumption upgrades and export-oriented opportunities? Do you see China increasingly as a global production and innovation base serving international markets? How are you balancing local demand expansion with China's role in your global export ecosystem?

YIN: China has steadily advanced its opening-up and embraced high-quality goods and services from around the world. This not only unlocks broader development opportunities for Schneider Electric, but also empowers us to leverage China's technological and industrial strengths to bring more Chinese innovations to the global market for the benefit of the world. Our "China Hub" strategy has closely integrated R&D capabilities with resilient, agile local supply chains, and together with seamless collaboration with upstream and downstream partners, this integration enables us to rapidly launch cutting-edge products and solutions with global competitiveness.

ZHANG: Today, China is deeply entrenched as a critical, systemic node in the global commercial ecosystem. While still a massive exporter, China is transitioning to an integrated hub of innovation, advanced manufacturing and strategic supply chain management — a role that often involves defining technical standards, leading in green technologies, and acting as a vital partner in complex, high-tech and sustainable industrial networks. Efficient and effective cross-border financial services are essential in this framework. Citi's global network enables us to support clients with trade finance, cross-border liquidity management and capital markets access, helping facilitate trade and investment flows between China and the rest of the world.

LIN: Corning focuses on strategic national fields, implementing core projects around key areas such as new-generation information technology and intelligent connected new energy vehicles. It promotes the cluster development of multiple industries, including display, optical communications, and automobiles, providing core materials for key industries with local manufacturing and R&D capabilities, and empowering the upgrade of terminal products. At the same time, it extends the value of this layout to a global dimension, serving as a solid support for China's industrial exports. Corning, with its global patent and compliance capabilities, provides reliable "global passports" for Chinese enterprises.

LI: The "dual circulation" provides even wider opportunities for CBRE's business in China. China's huge consumption market and increasingly open policy environment are pivotal for the "In China for China" strategy for our multinational clients. At the same time, with the global supply chain reconfiguration and Chinese brands gaining popularity in overseas markets, we are helping more and more Chinese retailers and manufacturers go abroad. Domestically speaking, cross-border e-commerce and export activities are generating opportunities in the logistics and warehousing sectors. As Chinese exporters diversify beyond the US toward Europe and Southeast Asia, demand for logistics infrastructure — especially high-standard warehouses — remains robust, even amid tariff frictions and changing regulations. The expansion of China's "visa-free" policy will also inject new vitality into the domestic consumption market this year.