Maximizing structural market evolution

Q4 China has placed greater emphasis on expanding domestic demand while pursuing high-standard opening-up. How do you assess these efforts? What new opportunities do they create for multinational companies and global investors?

HAN: China's emphasis on stimulating domestic demand and advancing high-standard opening-up creates a highly dynamic and predictable environment for multinational companies.

The country's broader push to embed intelligent technologies across industries provides the foundation for mid — to long-term demand and growth. For industrial companies, that translates into increased manufacturing activity and, consequently, stronger demand for automation and productivity technologies.

Continued progress on market access, intellectual property protection and regulatory transparency is gradually lowering the operating risk for foreign businesses. High-standard trade frameworks and sustained participation in global supply chains reflect China's recognition that outward-looking integration remains central to its development model.

WANG: "Expanding domestic demand" translates to a robust demand for high-quality, standardized medical services in the healthcare sector. Taking our core product, human albumin, as an example, the real-world clinical demand from critical and serious disease patients in China remains exceptionally strong.

China's continuous advancement of high-level openness and institutional innovation has accelerated the launch of global cutting-edge therapies. For instance, through pioneer policies like the "Hong Kong and Macao Medicine and Equipment Connect", our anti-D immunoglobulin has achieved accelerated rollout in China, benefiting approximately 4,000 Rh-negative, or "panda blood", pregnant women. Additionally, our innovative medicine in the field of hereditary angioedema is currently under regulatory review for marketing authorization.

MARZOUKI: For multinational companies, stronger domestic demand means broader and more diversified market opportunities. China has one of the world's largest middle-income populations, with rising demand for health, nutrition, premium experiences and personalized consumption.

At the same time, high-standard opening-up is creating a more stable, transparent and predictable business environment. China's continuous efforts to improve the business climate and expand institutional opening-up provide greater confidence for long-term investment. For Nestle, this creates not only market opportunities, but also opportunities for innovation and collaboration. We will continue to invest in local innovation, strengthen partnerships and contribute to the high-quality development of the industry.

FAN: From our perspective, China's continued focus on expanding consumer demand and creating a stable environment for long-term investment provides important opportunities for multinational companies.

First, evolving consumer demand continues to create opportunities for the prestige beauty industry. Chinese consumers are increasingly seeking high-quality, science-backed and personalized products, encouraging companies to continue investing in innovation and premium beauty experiences across both physical retail and digital channels.

Second, platforms such as the China International Import Expo have enabled businesses like The Estee Lauder Companies to introduce more global brands and innovations to Chinese consumers while strengthening collaboration with local partners.