A1 Since China's opening up to foreign trade and investment and implementation of free-market reforms in 1979, the country has been among the world's fastest-growing economies, with annual GDP growth averaging 9.2 percent through 2020, a pace described by the World Bank as "the fastest sustained expansion by a major economy in history".

The Chinese government adjusted its development strategy to continuously boost its productivity growth. The government is determined to move away from its previous economic model of rapid growth at any cost to "smarter" economic growth, which seeks to reduce reliance on energy-intensive and high-polluting industries and rely more on high technology, green energy and services.

A2 China remains attractive to foreign investment for its huge domestic market, high-quality infrastructure and continuous opening-up policies. China is the first country to emerge from the negative impact of COVID-19. Lots of commercial activities here are back to normal, which makes it more appealing to foreign investors.

Therefore, we have made the decision to further increase our investment in China. We acquired two Chinese companies－Duozhun and Yimian, specializing in digital commerce data and marketing optimization－in the past two years. Through this, we have expanded our operations in China to six major cities and increased the number of staff to more than 500.

A3 It will undoubtedly create more opportunities for foreign consumer brands, given the purchasing power of consumers in small cities and rural areas. According to the China Shopper Report 2021 produced jointly by Bain & Company and Kantar Worldpanel, while total spending on fast-moving consumer goods dropped by more than 1 percent in China's largest cities, spending rose in smaller urban areas.

This also gives brands new opportunities to develop new products and services based on the different needs of these consumers as they have different drivers and lifestyles compared with sophisticated consumers in large cities.

Another point to consider is that brand awareness in small cities and rural areas is usually lower than that in large cities. Therefore, it is an opportunity for brands to reposition and strengthen themselves by delivering tailored experiences for these communities.

A4 The digital economy will continue to grow and remains a key driver of China's economic recovery. In many respects, China's online retail ecosystem is now more advanced than in other markets.

Innovation is expected to be the key policy focus. This year marks the beginning of the 14th Five-Year Plan (2021-25). Indigenous innovation is considered fundamental to China's future growth.

We are still considering making further acquisitions and organic investments in China to further boost our local expertise. This will enable us to be in a better position to help foreign consumer brands better develop in the China market and Chinese companies better navigate overseas markets.

A5 The Chinese government has made tremendous efforts in deepening reform and increasing its attractiveness to foreign investors in the past decades, but we feel there is more to do around improved communication between government and MNCs to help MNCs better navigate any ambiguity in rules and regulations.