Q4 As China continues to pursue high-quality development through a homegrown path to modernization, what is the vision for your company's business in the country over the long run? What business opportunities do you foresee emerging as part of the process of Chinese modernization?

KASSOW: We support the transition of China's economy according to its dual carbon goals. Green technologies come with new risks and many clients ask us for solutions — for example, performance coverage for electric car engines or construction coverage for offshore wind parks. Munich Re has pioneered innovative insurance solutions for green energy, electric vehicles and energy storage systems, which will help the Chinese economy to efficiently undergo the transition to low carbon. Our goal is to be a reliable partner for our local clients, while contributing to a more resilient future for society as a whole.

LIU: The Chinese economy is entering a new phase, which emphasizes high-quality development. Undoubtedly, this new direction will translate into new opportunities across many industries, such as high-tech, healthcare, renewables and energy transition. These align well with Natixis CIB's global industry expertise, financing solutions and unique network of M&A boutiques, and will surely allow us to capitalize on new business momentum.

MAO: We will see the adoption of digital technologies in industrial sectors. Increased innovation will lower costs while improving productivity and competitiveness. For international investors, there are domestic nuances that separate Chinese digital firms from their overseas equivalents. Within the Chinese software sector, companies tend to work on a consulting basis, providing bespoke solutions for each client. This means lower operating leverage compared to the Western "software as a service "model. It leads to stronger customer relations and consistent earnings. It is exciting to invest in China, especially during such a time of growth and transition. China belongs into any investor's portfolio to offer diversification and should be assessed over a cycle. We are keen to help global investors seize these investment opportunities.

WATKINS: The continuously growing wealth in China and the increasing need for investments and financial management will continue to present opportunities for asset management. We will maintain our focus and leverage our investment expertise to support our institutional and individual clients and investors to capture opportunities.

Responsible investing is an area close to our hearts. We embarked on our ESG investing journey in the 1990s and launched our first environmental thematic equities strategy, which focuses on water, in 2000.

Our 30 years of expertise in thematic investing helps us capture one of the unique bright spots in China — the environmental sector. Earlier this year, we introduced a strategy that channels the capital of international investors into leading environmental solution providers in the A-share market to contribute to achieving the carbon neutrality goal.