Q4 China's trade-in program generated over 2.6 trillion yuan in sales in 2025, alongside the "Shopping in China" and "Export to China" initiatives. China's exports grew 6.1 percent year-on-year. How is your company aligning its China strategy to capture both domestic consumption upgrades and export-oriented opportunities? Do you see China increasingly as a global production and innovation base serving international markets? How are you balancing local demand expansion with China's role in your global export ecosystem?

Depoux: For multinationals, the bar is rising: competing in China now means standing alongside products that resonate not only with local consumers, but also with international visitors drawn by uniqueness and value. As consultants, we support our clients in balancing local market expansion with export-oriented growth — adapting offerings and brand positioning to succeed in an ecosystem where China is increasingly both a sophisticated consumer market and a launchpad for global reach.

Zhang: Driven by consumer insights, we continue to advance localized innovation. In response to the single economy and changing lifestyles, we have launched products including mini Dofi. In line with the Healthy China initiative, we accelerated the R&D and commercialization of whole-grain and nutrition-focused products, integrating our global expertise with the preferences of Chinese consumers.

Going forward, Grupo Bimbo will actively support the national strategy of building a Healthy China as outlined in the 15th Five-Year Plan. We will leverage our global resources to strengthen innovation in healthy products, and work with industry associations and experts to promote the development of clean label standards, contributing to the high-quality development of China's food industry.

Market unification facilitates the optimization of our distribution networks. While maintaining a strong presence in traditional retail, we have identified e-commerce and O2O as our primary growth engines for 2026. By collaborating deeply with partners to develop customized hits, such as the "Mankattan Triple Cheese Potato Burger Bun" with Sam's Club, we are effectively bridging the gap between top-tier cities and fast-growing emerging markets. By forging deep partnerships with leading livestreaming influencers such as "Yuhui Tongxing", we have successfully driven the exceptional market performance of our ciabatta product, injecting significant momentum into the growth of Bimbo's e-commerce business.

Cheng: Over the past year, DBS has boosted foreign trade stability and domestic-international dual circulation. As Singapore's RMB clearing bank and a China-overseas direct CIPS participant, we have upgraded cross-border settlement efficiency and security, integrating RMB's cross-border usage with consumption and foreign trade to drive its innovative application in trade, supply chain finance and wealth management, forming a comprehensive cycle of releasing consumption potential and high-quality investment.

This year marks China-Singapore's 36th diplomatic anniversary. As Singapore and Southeast Asia's top commercial bank, DBS will leverage its "Connecting Asia" edge to deepen the cross-border financial ecosystem, expand interbank bond market qualifications, increase panda bond lead underwriting, advance Bond Connect participation, attract global investors and boost efficient two-way domestic-overseas capital flow.