Q3 China is advancing the unified national market, with an urbanization rate of 67.9 percent and total retail sales surpassing 50 trillion yuan. As domestic demand expands, what structural opportunities does this vast, increasingly integrated market present for your portfolio, distribution channels and localization strategy? Does deeper market unification reduce operational fragmentation and compliance costs? How do you position your brand and product mix to capture demand from both top-tier cities and fast-growing lower-tier markets?

Jiang: Zespri has observed an increasing embrace of a healthy lifestyle in China's consumer market, moving toward healthier, more sustainable, and higher-standard development.

As a global premium fruit brand, Zespri is dedicated to providing Chinese families with high-quality kiwifruit. Zespri kiwifruit is rich in nutrients, including vitamin C and dietary fiber. Sun Gold kiwifruit, in particular, offers high nutritional density.

Zespri's goal is to work with local partners to promote healthy lifestyles continuously and lead the industry toward healthier, more sustainable and higher-standard development.

Depoux: What makes China distinct is not only its scale, but also its diversity and capacity to generate innovative products and business models that are increasingly different from other markets. There is still massive consumption potential to be unleashed. In 2025, China's total household savings reached a record high of over 160 trillion yuan ($23.23 trillion). Five percent of Chinese residential savings approximately equals the GDP of a medium-sized country. To tap into this potential, we need to deeply understand the evolution of consumption preferences of Chinese consumers as they are becoming more sophisticated and rational. We, as Roland Berger, will continue to work with our Chinese clients and multinationals alike to understand the China market, identify the opportunities and push for innovation around the business models, value and supply chains, and technologies.

Zhang: The advancement of China's "unified national market" significantly reduces operational fragmentation and presents structural opportunities for Bimbo to deepen market penetration across all regions. We are capturing these opportunities through a multibrand matrix, localized innovation, and omnichannel deployment.

Leveraging the scale of China's market, we implement a differentiated brand layout. The Mankattan brand focuses on health and professional innovation, meeting the wellness needs of urbanized populations through products like "Ciabatta". Simultaneously, the Bimbo brand targets families and younger demographics, emphasizing nutrition and emotional connection.

Cheng: DBS focuses on domestic demand upgrading and supports Chinese new economy enterprises' global expansion through a dedicated "New Economy" team, providing enterprises with comprehensive financial service support covering credit, foreign exchange management and cross-border finance, building a multidimensional services ecosystem.

With growing demand for global asset allocation, DBS is further penetrating the wealth management market and intensifying the development of cross-border investment products. Using our first international wealth center, launched in Shanghai as a fulcrum, we continue to optimize the layout and functional configuration of our physical branches to provide high-net-worth clients with a superior wealth management experience.