Adapting to evolving consumer expectations

A4 As a foreign investor that has been participating in China's onshore market for a long time, we have been witnessing the progressive opening-up of China and the vibrant development of its capital market.

We believe the entry of foreign asset managers with global expertise like Fidelity International into the China market could potentially trigger healthy competition and support robust and sustainable development in the entire industry.

We have also seen various measures put in place by the Chinese government that aim to optimize the framework of the economy. For instance, in addition to investing in improved infrastructure, China also has been driving innovations while reducing taxes and administrative costs for private companies. We believe policy support will be able to bolster steady economic development amid global headwinds.

In addition, the ongoing trends of consumption upgrade driven by the rapid growth of a well-educated middle-income population, and continued urbanization are important factors that will drive economic growth for years to come.

China is a critical, long-term market for Fidelity International. As a world-leading asset manager and pension expert, we are keen and committed to bringing global best practices to China and enhancing the financial wellness of Chinese citizens.

A5 We have been closely monitoring the development of trade frictions between China and the US.Our long-term investment philosophy and approach remain unchanged: to find growth opportunities for our clients based on our active, bottom-up research. The private nature of our company allows us to take a long-term view, enabling us to build strong foundations for an enduring and successful business over time.

Each portfolio manager has his or her own views. I cannot name a few specific sectors, but I can tell you that Fidelity International has invested over $20 billion in Chinese companies.

A6 Thanks to China's financial opening-up, Fidelity International has already participated in China's onshore market as the first global asset manager to register with the Asset Management Association of China as a private fund management company in January 2017.

We are thrilled to see a number of new policies for the financial market opening-up, especially the 11 measures released by the office of financial stability and development committee under the State Council that aim to further accelerate the opening-up of China's financial services sector by bringing forward the removal of foreign ownership limits on mutual fund management companies to 2020.

China is a core part of Fidelity International's long-term strategy. We are excited to have a timeline for building a mutual fund business in China. We also have a long-term pension vision and strategy for the Chinese market. Retirement is in our DNA, and we believe our expertise can help support and encourage people to take responsibility for their retirement and ultimately achieve better outcomes for themselves.

A7 The speed of change has never been faster. We have been watching the development of world-changing technologies including artificial intelligence and blockchain, which could disruptively transform the future of investment. We have projects in the pipeline focusing on how to combine human and machine intelligence, and then outperform the market.