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As an ancient Chinese saying goes, "when granaries are full, people will know propriety and moderation." A society can be stable and orderly only when its people can lead a prosperous life. After the introduction of the reform and opening up policy in 1978, China achieved fast economic growth and significant scientific and technological progress. It has become the world's second largest economy, with its per-capita GDP has doubled and redoubled many times over the four decades. In the meantime, the Chinese government has taken various measures such as those to fight corruption, reduce poverty and promote the rule of law, in order to uphold social equity. Thanks to these efforts, the potential factors that might destabilize society have been greatly reduced.

As a convenient way of purchasing, online consumption filled the gap of outdoor consumption when people stay at home for quarantine due to epidemic control, making consumption move from offline to online and leading to a significant increase in online consumption in Q1.

As a beneficiary and an innovator of e-commerce, L'Oreal identifies with this key digital strategy. The group's e-commerce business has increased by a staggering ten fold in the past five years, and has accounted for more than 20 percent of total revenue in certain divisions.

As a result of these changes, Citi China has lowered operating costs for its card business. The bank also expects to see its consumer franchise revenue growth hit double digits over the next three to four years, according to Buckley.

As for the ongoing process of the Chinese RMB's internationalization, he said that it is both beneficial for China and for other countries.