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?

Machado: China's vitality in advancing a unified national market and continuously expanding domestic demand creates important structural opportunities for Suzano. The impressive figures allow us to clearly see a sustained nationwide demand for higher-quality, sustainable materials. The launch of our "Jinyu" pulp brand reflects our commitment to localized solutions that meet evolving consumer expectations across both major cities and rapidly developing lower-tier markets. Meanwhile, as market unification progresses, our cross-regional compliance and coordination processes have been further streamlined, significantly enhancing our operational efficiency. These dynamics strengthen Suzano's position to support the growing needs of China's tissue, packaging, hygiene, textile and related sectors with environmentally responsible, performance-driven products aligned with long-term consumption trends.

Xie: China's continued progress in building a unified national market represents an important structural reform that will further enhance economic efficiency and long-term growth potential. We are encouraged by China's steady progress in urbanization, with the urbanization rate reaching 67.9 percent in 2025. We expect this trend to continue, potentially approaching or even surpassing 80 percent, similar to levels in many advanced economies. For Vale, a more integrated and efficient Chinese market not only strengthens supply chain resilience and market connectivity, but also reduces logistical fragmentation and compliance complexity, allowing us to serve customers more effectively across diverse regions.

Cheng: China's push toward a more integrated national market and stronger domestic demand creates a favorable environment for companies to invest in localization and build long-term operating capability. For Payoneer, our role is primarily to enable businesses, especially SMEs that connect China with the world, so the most direct opportunity is helping brands and sellers scale cross-border commerce with fewer frictions. As Chinese companies expand globally and shift from "going out" to "going in", they need a predictable financial backbone: efficient multi-currency management, transparent fund flows and compliance-by-design processes that can support brand building and localized operations abroad.

Wu: As consumption upgrades accelerate in China's lower-tier cities and county-level economies, a growing number of consumers in smaller cities now have access to international goods and services of the same quality as those available in major metropolitan areas. Simultaneously, manufacturing enterprises in these smaller cities are increasingly gaining the capability to participate directly in global trade. DHL Express has in recent years established service centers in multiple lower-tier cities across China, to actively support local import and export activities. Meanwhile, Chinese brands are going global at an accelerated pace, driving robust export growth. DHL Express will continue to serve as the bridge connecting Chinese consumers and businesses with global markets.