Q5 What's your view on modernization in China that has spawned common prosperity? What does this pursuit mean for foreign businesses?

MUKUND: The continuous improvement of the lives of ordinary people in China means higher spiritual and material pursuits, which is an incremental source of market space for foreign companies with advanced technologies and services, while a harmonious social order further helps ensure a stable business environment.

WU: DHL Express and its parent company Deutsche Post DHL Group share the same vision and commitment. Everything we do serves our corporate purpose: connecting people, improving lives. In recent decades, we have seen how increased trade and interaction have raised prosperity and choices, reduced poverty and cultivated diversity around the world. As a logistics provider, we are committed to bringing our purpose to life through global trade. Building those ties is our business and our mission. When more people have access to goods, services and information, the quality of their life improves.

BURRAGE: China has made remarkable progress in poverty alleviation, with the nation announcing the elimination of absolute poverty in 2021, which is an amazing feat. With the pursuit of common prosperity as the current goal, it will mean further positive changes in the lives of one-fifth of the global population living in China. It is based on China following a practical path that will see a great increase in the size of its middle-income population. This will naturally trigger greater demand in the market. That increased demand will undoubtedly lead to more opportunities for foreign businesses.

DEPOUX: Foreign businesses are and will remain important to the Chinese economy. According to the Hurun report, in 2021, the top 100 foreign companies in China generated $900 billion, accounting for 6 percent of China's GDP, and creating 2.5 million jobs domestically. The concept of common prosperity has become one of the most important guidelines and long-term goals leading China's development till 2050.Foreign businesses have to be more careful to seize opportunities in industries that are synergizing with the goal of common prosperity.

BOZEC: China is now heading into a new journey toward the realization of its second centenary goal, from high-quality economic and social development to people's wellbeing and the enhancement of people's sense of prosperity, happiness and security. Every step forward is encouraging foreign companies like Tapestry to strengthen our confidence and determination to deepen our roots in the Chinese market.

China's high-quality development in modernization is highly inclusive, bringing tangible benefits and providing incremental certainty and confidence to the market. The new development pattern encourages us to keep upholding the concept of innovation, enhance the localization potential of our brands, and create more value for Chinese consumers.