China's dynamic expansion opportunities

Q2 China's economy has demonstrated strong resilience so far this year, supported by resilient exports, solid industrial production and continued strength in high-tech manufacturing. How would you assess China's overall economic performance so far this year? Looking ahead, what do you see as the key drivers supporting China's growth in the second half?

AVILES: Overall, China's economic performance this year has been remarkably resilient, structurally optimized and quality-focused, showing strong anti-risk capability and endogenous growth momentum amid global economic volatility and sluggish external demand. The steady growth of industrial production, robust export performance and outstanding high-tech manufacturing development are not short-term sporadic gains, but concrete results of sustained industrial transformation and policy support. From Dekra's frontline operational view, consistent rising demand for testing and certification services for electric vehicles, energy storage and smart equipment clearly mirrors the vitality of China's emerging industries.

MUSTO: From where we stand as a science and technology company with deep roots in China, the resilience of China's economy this year has been both notable and — frankly — not surprising to those of us who have been here for the long term. China is our second-largest country market worldwide, and we have been here for more than 90 years. The fundamentals driving our confidence in the second half are clear: strong unmet patient need, a policy environment that increasingly rewards innovation, and a local ecosystem that is maturing fast in science, speed, and execution. What excites us most is that China is no longer just a major healthcare market — it is becoming a global innovation engine. China now represents around 30 percent of the global innovative drug research and development pipeline. This is a country that is shaping the future of healthcare, not just consuming it, and Merck intends to grow with it.

TAN: Amid a complex and volatile global environment, China's economy this year has demonstrated strong structural resilience overall. Three core growth drivers will continue to support the economic upturn in the second half. First, the full release of domestic demand potential: policies to expand domestic demand are continuing to boost consumer confidence, and growing health awareness is driving sports consumption — the professional sports segment is also a key area of our focus. Second, new quality productive forces represented by artificial intelligence and digitalization: industrial digitalization, smart supply chains and big-data operations are enhancing overall efficiency. Skechers is fully deploying AI-powered digital systems for refined customer operations. Third, high-standard opening-up: policies that optimize the foreign investment environment continue to attract multinationals to deepen their localization efforts.

BAO: From our perspective, China's economy has continued to show resilience, especially in areas supported by industrial capability, localized supply chains and long-term urban development needs. For companies operating in the real economy, this resilience is reflected not only in macro indicators, but also in the market's ability to sustain production, respond to evolving demand and support efficient delivery. Looking ahead, we see modernization as one of the greatest growth opportunities in China. The country has the world's largest installed base of elevators and escalators, and a growing number of these units is now reaching the stage where modernization is needed. This is creating strong long-term demand for safer, smarter and more energy-efficient solutions.