A1 Danone has participated in the CIIE for five years in a row and has achieved significant progress leveraging this unique platform, introducing more than 70 new products to China in a faster manner.

In addition, the in-depth consumer insights received at the CIIE facilitated our investment in one research center and two plants to support innovation and production in China. Over the past five years, we launched more than 10 new propositions that are innovated in China and made in China. We have also developed nearly 10 innovative digital tools now serving over 1.5 million users.

A2 The fifth CIIE is the first major international exhibition since the 20th National Congress of the Communist Party of China, which ended on Oct 22, showing China's strong commitment to opening-up. It is sending an unchanged signal to the world that foreign investment remains crucial for China's economy and that China will continue to improve the business environment for foreign companies.

The CIIE remains a vital platform for domestic and international circulation. On the one hand, it serves as a fantastic launchpad for foreign companies like Danone to bring in innovations, turning "exhibits" into "commodities" in a faster manner. On the other hand, the CIIE also helps boost domestic consumption by connecting overseas and domestic markets. All of this will benefit the further recovery of global demand.

A3 China's opening-up has achieved significant progress over the past decades, especially in the last 10 years. China has developed into the world's biggest country of foreign trade and second-largest consumption market since 2018. Moreover, China has become the biggest growth engine with huge contributions to global economic growth.

Danone has benefited from China's opening-up over the past decade. China has become the second-largest market contributing 10 percent of Danone's global revenue, doubling over the last decade.

A4 China boasts a booming consumer market, and Danone has achieved competitive and sustainable growth benefiting from this dynamic market.

Danone remains confident in the great potential of China's consumption market. It is a sizable market with 20 percent of the world's population, and consumers are hungry for innovation, which creates opportunities for added value propositions. What's more, we have seen rising demand for segmented health needs. Therefore, Danone will continue to bring in the most advanced products globally to meet such demand.

A5 China's opening-up policies facilitate the continuous optimization of its business environment, boosting the development of foreign companies. We have witnessed the ever-evolving laws and regulations, ever-widening market access and ever-upgrading infrastructure and supply chains.

Right after the conclusion of the 20th CPC National Congress, the National Development and Reform Commission rolled out policies encouraging foreign investment in key industries including advanced manufacturing and green technologies, where Danone can bring added value. We are deeply impressed by China's firm commitment to opening-up, and we are looking forward to the roll-out of more opening-up initiatives in the future.