Q3 How do you view China's new reform initiatives aimed at fostering new quality productive forces, such as those to encourage industrial upgrade and technological innovation? Do you see these as opportunities or challenges for foreign enterprises, and why?

YOOVIDHYA: I believe China's new reform initiatives aimed at fostering new quality productive forces and encouraging industrial upgrades and technological innovation are significant and positively impactful.

For foreign enterprises, these initiatives present more opportunities than challenges. First, these reforms create a more dynamic and innovative market environment. Foreign enterprises can leverage their technological and managerial strengths to collaborate with Chinese companies, driving industrial upgrades and technological innovation for mutual benefit. Second, China's vast market size and growing consumer demand offer broad development space for foreign enterprises. The new reform initiatives will further enhance the attractiveness and potential of the Chinese market. Third, the reforms promote technological exchange and integration, allowing foreign enterprises to introduce advanced technologies and ideas while gaining new inspiration and innovation insights from the Chinese market.

ZHU: These measures bring both opportunities and challenges for foreign enterprises. With the advances of China's technological and industrial capabilities, foreign companies may face increasing competition from local enterprises. In recent years, we have also seen a lot of new domestic pet food brands and technologies in the Chinese market. However, overall, the opportunities outweigh the challenges. The current generation of pet owners, nurtured in China's advanced digital environment, is younger, more progressive in their pet-keeping philosophies, and continuously demands higher quality innovative products. Ziwi's product philosophy, quality, and technology align closely with these demands, making this market environment an opportunity for Ziwi.

TSAO: The Chinese government's initiatives to encourage industrial upgrading and technological innovation have presented significant opportunities for foreign enterprises. These policies not only provide companies with a vast market space, but also create a fair, transparent, and predictable business environment. As a global leader in enterprise-level open-source solutions, Red Hat sees these measures as a way to drive local enterprises' demand for advanced technologies, enhancing the market's acceptance and recognition of open-source solutions.

CHEN: Innovation is at the heart of new quality productive forces, which includes innovation across various dimensions such as technology, industry, management and systems. For businesses, leveraging these new quality productive forces can lead to ongoing refinement and profound transformation of the industrial structure, thereby enhancing industrial competitiveness and elevating the international competitiveness and position within the global value chain for Chinese enterprises.

Foreign enterprises face a dual landscape of challenges and opportunities with the advent of new quality productive forces. The challenge is to step up their innovation to offer products and services that align with the trends, ensuring sustained market competitiveness. As China actively advances to a higher degree of openness and refines its business environment, foreign enterprises that capitalize on opportunities to build a modern industrial system will enjoy vast potential for growth and development.