A1 The Chinese economy has shown strong economic resilience and vitality with a recovery trend stronger than market expectations despite the challenges and difficulties. Its GDP growth remains steady, and people's disposable incomes are increasing. We are excited for the future of common prosperity in China, and for the growing number of middle-income households.

We see great potential in the Chinese market because we believe in the continued high-quality growth in this massive market.

A2 As a leading brewer, we have made solid progress in China despite the complex environment in 2021. Budweiser China's sales revenue increased by 17.5 percent during the first three quarters of 2021. The growth momentum was mainly driven by premiumization, digitalization and expansion.

With the government's proactive policy on supporting growth in 2022, we believe fruitful achievements and breakthroughs in the Chinese economy can be expected and will inject fresh impetus into the world economy. We look forward to continuing growth in 2022.

A3 The Central Economic Work Conference reiterated it would expand high level opening-up to external markets, promote institutional opening-up, optimize the business and investment environment, and continue mutual promotion of domestic and international dual-circulation. These measures have brought new opportunities for foreign-funded enterprises to invest and develop in China, and we appreciate the country's initiatives in building a favorable business environment and we are confident about future development.

A4 China's "3060" carbon goals inspired companies in ramping up efforts to embrace sustainable practices. For Budweiser China, sustainability is not just part of our business, it is our business.

We announced our 2025 sustainability goals focusing on four key areas, which are climate change, water stewardship, smart agriculture and circular packaging. Our 2025 sustainability goals deliver a clear strategy and measurable, positive impact on the environment and our communities.

A5 China is the biggest beer market in the world, accounting for one in four beers consumed globally. We see a lot of growth potential in the China market, and we really want to contribute to the high-quality growth of the economy here. We also anticipate further growth in premiumization driven by the increasing number of middle-income households. This makes China one of the highest priorities of global investment.

We will continue to invest across China as we have already done for decades. This is in line with our business strategy and we see lots of opportunities to invest in China for the decades to come.

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