Q4 While China is expanding opening-up, some are concerned that geopolitical tensions, rising protectionism and global supply chain adjustments may weaken China's attractiveness to foreign companies. What's your take? How important will China be for your global business in the coming decade? What more opening-up measures can China take to offset the impact of the complex external environment?

MADARANG: Goodyear remains committed to the Chinese market, viewing it crucial for its global business strategy. China's new reform initiatives, focused on expanding opening-up policies and fostering industrial upgrades and technological innovation, align well with Goodyear's strategic objectives. We see substantial opportunities in China's ongoing reform and opening-up initiatives and remain dedicated to deepening our presence and investment in China and the broader Asia-Pacific region. Benefiting from the Regional Comprehensive Economic Partnership, we also ship tires manufactured in China to Japan and a number of Southeast Asian countries.

LOH: As the world's largest elevator market, China provides tremendous opportunities for Otis to continue supporting customers and passengers with quality elevator solutions and services. The growth of the Belt and Road Initiative also provides opportunities for Otis to extend the partnership mileage. For example, China's nonfinancial outbound direct investment in countries and regions participating in the BRI surged 9.2 percent year-on-year to $15.46 billion in the first half. In terms of infrastructure construction and improved transportation connectivity, Otis has been participating in the BRI and facilitated many projects in countries and regions involved in the initiative, including the Mecca Metro in Saudi Arabia, Abu Dhabi International Airport in the UAE and Egypt's Cairo Metro.

TAN: Geopolitical tensions, rising protectionism and global supply chain adjustments indeed pose challenges. These factors can potentially impact China's attractiveness to foreign companies by introducing uncertainties in trade policies, market access and operating environments. However, despite these challenges, China remains a crucial market for global brands. Its vast consumer base, strategic importance in global supply chains and ongoing commitment to reform and innovation create significant opportunities. With reforms and supportive policies, China is capable of reinforcing its position as a leading destination for foreign investment and business opportunities. The Chinese market is Skechers' largest market outside of the United States, making it crucially important for the brand.

CHUNG: Changes in the global market have had some impact on the Chinese market indeed, but with the continuous improvement of the business environment and the increasing market opportunities, Nippon Paint China firmly believes that the Chinese market remains an important development base for foreign-funded enterprises.

In 2023 fiscal year alone, the Chinese market contributed more than one-third of Nipsea Group's profits. China's vast consumer base and strong consumption potential play an irreplaceable role in the growth of Nipsea's overseas business. In the future, the core position of the Chinese market in Nipsea's global layout will remain unchanged.