'Dual circulation' to boost growth (VI)

A1: Statistics show China has recovered fast from the pandemic, and its economy continues to bounce back. Visa has been operating in the China market for over 30 years and our commitment in the market remains long term. We are dedicated to working closely with the Chinese government, financial institutions and other industry players to bring secure and innovative payment solutions to the market. We see significant potential for Visa to support the continued growth and evolution of digital payments in China, including through the Beijing 2022 Winter Olympics and Paralympics.

A2: China's small and medium-sized enterprises (SMEs) are crucial. According to the Ministry of Industry and Information Technology, by the end of 2018, China's SMEs contributed to 60 percent of the GDP. We are supporting SMEs to recover from the pandemic through digital transformation, providing them with the new business skills and tools as well as B2B payment solutions. We also launched campaigns to incentivize spending and promote digital commerce by connecting sellers and buyers between China and the rest of the world.

A3: For more than 30 years, Visa has been proud to serve millions of Chinese consumers in partnership with 57 leading financial institutions in China. We are inspired by the government's recent policies to continue accelerating foreign trade and attracting foreign investment. As a long-standing partner of China, we are encouraged by the country's commitment to further opening-up the financial services industry. We look forward to working more closely with our domestic partners.

A4: Statistics show China has recovered fast from the pandemic, and its economy continues to bounce back. The Chinese government has announced a slew of policies for businesses and individuals to boost domestic spending. These policies will be conducive to Visa's development as we connect sellers and buyers around the world and we see consumers making more cross-border purchases through the use of e-commerce.

A5: China is transforming itself as it enters the new development stage. We look forward to bringing our innovative products and solutions to China and adding value to the market. Visa will transform and grow together with China in the new development stage and beyond.

A7: Visa sees even greater potential in responding to the government's initiative, which aims at accelerating high-quality economic growth for the benefit of Chinese people. At the same time, Visa stays committed to supporting China's sustainable social development, including rural revitalization and financial inclusion, as well as people-to-people and cultural exchanges.