Q5 The plenary session has stressed that reform tasks laid out at the meeting shall be completed by the time the People's Republic of China celebrates its 80th anniversary in 2029. How do you expect the new reform and opening-up measures to transform the Chinese economy in the coming five years? What strategies will your company adopt to align with the expected transformation? Looking ahead, in the second half of 2024, what are your expectations for the Chinese economy? How do you think your company will fare in this evolving landscape?

YOOVIDHYA: I am highly optimistic about the transformation of the Chinese economy under the new reform and opening-up measures over the next five years. These initiatives will enhance industrial innovation, competitiveness and consumer market expansion, driving high-quality development and fostering balanced, coordinated and sustainable growth.

To align with these changes, our company plans to increase R&D investments to introduce innovative products tailored to Chinese consumers. Strengthening partnerships with local companies will be key to jointly exploring the market and leveraging shared resources. Looking ahead to the second half, I expect the consumer market to remain dynamic, offering broader opportunities for our products.

ZHU: Over the next five years, the new reform and opening-up measures are expected to significantly transform China's economy by fostering a high-standard socialist market economy, promoting high-quality development and enhancing technological innovation. The focus on market-oriented reforms, combined with robust government regulation, will create a fairer and more dynamic market environment. In the second half, China's economy will continue its steady recovery and growth, driven by the ongoing implementation of reform and opening-up measures.

TSAO: In the next five years, new reform and opening-up measures will drive China's economy toward high-quality development and accelerate technological innovation. Red Hat will maintain consistency through the following strategies: First, continuously provide technologically advanced enterprise-level open-source solutions; second, align with national strategies to accelerate the intelligent manufacturing upgrades of enterprises; and finally, empower and integrate with the domestic AI ecosystem to accelerate AI application across all industries, truly bringing AI into enterprises with an open-source way. Looking ahead to the second half, I am full of confidence in the Chinese economy. Red Hat will seize opportunities in this environment and drive business development.

CHEN: We are delighted by the high-level prospect that China's economy, through key measures such as high-quality development, technological innovation, deepening reforms across various sectors, expanding openness to the outside world and building a modern industrial system, is on track to a future that is more prosperous, equitable, sustainable and secure. The risks and challenges have been acknowledged during the plenum, and we anticipate that the economy and investment will continue to exhibit growth, demonstrating resilience in fundamentals. SGX will continue to leverage its strengths in multi-asset coverage, efficient accessibility to Asia and solid risk management capabilities to expand mutual-market connectivity, support healthy flow of capital, and meet the needs of Chinese and international clients.