Q4 This year marks the 45th anniversary of China's famed reform and opening-up policy. In this context, in which areas do you expect more progress? How is your business likely to benefit?

CRAPS: China's reform and opening-up has made remarkable achievements that amaze the world. We expect future policies to exempt or reduce excise taxes on nonalcoholic beer. According to statistics, non-alcoholic beer only accounts for about 1 percent of beer consumed in the Chinese market, lower than international levels, which means great potential opportunities. Reducing or exempting excise taxes on alcohol-free beer has little impact on our overall tax revenue, but it has positive significance to encourage the beer industry to promote the initiative of innovation and alleviate international competition pressure.

WU: DHL Express was among the first major international logistics business to enter the Chinese market. We have witnessed, participated in and benefited from the course of opening-up and reform in China. From initiating the Belt and Road Initiative to signing the RCEP pact and the unwavering efforts to join CPTPP and DEPA, China has intensified its commitment to opening its market to and working together with the rest of the world for more open and free trade. We expect the measures to unleash more potential in boosting regional and global trade and logistics demand. We will seize market opportunities and continue to play an active role in promoting trade flows to and from China and the rest of the world.

MOHAN: As a beneficiary of China's business environment, LIXIL has deeply felt China's determination over the years to deepen reforms to streamline the government, delegate power, and improve government services, thus providing a conducive environment for investment and building an open world economy. LIXIL is fully confident in the prospects of China's future economic growth. China will continue to be a strategic market with great significance for LIXIL, and we will continue to fulfill our long-term commitment to China. Meanwhile, we also look forward to the wider opening-up of China's win-win cooperation.

HAMAGUCHI: State policy has fostered a favorable business climate for multinational companies like Astellas. As a global pharmaceutical company that entered China in 1994, Astellas has been a witness and beneficiary of significant changes brought by China's reform and opening-up. China has now risen to the top tier of Astellas' global strategic markets due to its strong performance and increasing strategic significance. Moving forward, we expect more efforts to expand patient access to innovative drugs and a continuously improved business environment, which will give us stronger confidence to turn innovation into value for patients in China at a faster pace.

WAN: Since the reform and opening-up that began in 1978, China has reshaped its relations with the outside world. China has become a major trading partner in the world and plays a critical role in leading global actions to tackle environmental challenges. China has set clear goals to achieve green development after the country proposed the dual carbon goals. Companies should leverage digital tools such as AI, big data and digital twin technologies to improve efficiency and boost risk resistance capabilities as well as reduce carbon emissions. Aveva is very confident in its ability to help Chinese companies with high-quality digital transformation and low-carbon development.