Q5 As China continues to pursue high-quality development along a Chinese path to modernization, what opportunities do you anticipate for your business as this process gains more traction? Will you increase investment in China in the coming years? How will you further expand your footprint in China?
HU: China is a key market for UBS.Over the last 35 years, we've built one of the most established multi-entity platforms among foreign peers here in the Chinese mainland. We are well positioned to take advantage of the opportunities that emerge from China's opening-up of the financial sector, wealth creation, the focus on sustainability and new quality productive forces. We will continue to invest strategically, including increasing our stake in UBS Securities — the first foreign-invested fully licensed securities firm in China — to 100 percent. In addition, we are enhancing our partnership with the Industrial and Commercial Bank of China to explore strategic collaborations across asset management, wealth management, investment and corporate banking in the mainland and overseas markets.
RATHNINDE: The future strategy of China's high-quality development through new quality productive forces and sustainability closely aligns with Johnson Controls' goal of creating smart, healthy, and sustainable buildings and cities for the future. We are committed to achieving sustainable development through clean heating and cooling products and technological solutions. We see immense opportunities in sectors such as sustainable infrastructure, energy efficiency and smart urban development. We are optimistic about continued growth and opportunities in the future. We will focus on green innovation and enhancing R&D and manufacturing capabilities. Together with our local partners, we will promote the green and high-quality transformation of smart buildings and cities, develop new quality productive forces and work toward cutting both costs and carbon.
XIE: We see important opportunities as China continues to pursue high-quality development, which features green as the background color. We expect that China will increase steel usage in its construction and invest in renewable energy sectors, which will bring new demand for steel and iron ore. Based on our confidence in the Chinese economy and long-term commitment to the China market, we have been actively engaging in discussions with potential Chinese partners to jointly develop and help reduce or even eliminate carbon emissions across the steelmaking chain. For over half a century, Vale has been a trusted partner and reliable raw material supplier to China. We remain committed to providing high-quality mineral products and innovative low-carbon solutions, continuously supporting China's pursuit of high-quality development.
XU: China is pursuing high-quality development in its aviation industry and Airbus is determined to be part of it. We are continuously investing and expanding our industrial footprint in this country. For example, the construction of the second A320 family final assembly line in Airbus Tianjin is well underway, and the facility is expected to start operations in the beginning of 2026. Moreover, China's supply chain has shown great resilience while its talent team and product quality are also very competitive. Airbus focuses on deepening and expanding its supply chain in China with the "local for local" strategy, in collaboration with both State-owned and private enterprises. We are committed to becoming a model of cooperation in the high-tech aerospace industry between China and Europe.
