Contents
Executive Summary 3
Citigroup Forecasts 4
Focus: China’s Emerging Capital Market Development 6
Reasons to accelerate capital market development.....................................................................................6
Recent policy reform and development....................................................................................................10
Impact on monetary policy.......................................................................................................................14
Investment implications............................................................................................................................14
Strait Watch: Lien-Hu Meeting Sparked Hopes for Improved Cross-Strait Economic
Ties 16
Continued growing economic ties; persistent political gridlock...............................................................16
China 20
China: Surging 1Q06 Growth Invites Imminent Policy Tightening 21
China in Pictures.......................................................................................................................................27
Hong Kong 28
Hong Kong: The Real Benefits of China’s QDII 29
The long-awaited QDII.............................................................................................................................29
QDII’s benefits for Hong Kong................................................................................................................30
Summary and implications.......................................................................................................................32
Hong Kong in Pictures..............................................................................................................................33
Taiwan 34
Taiwan: A Wageless Expansion? 35
Wage stagnation marks the current economic expansion.........................................................................35
Possible factors contributing to wage sluggishness..................................................................................37
Economic implications..............................................................................................................................40
Taiwan in Pictures....................................................................................................................................41
Tracking Economic Trends 42
Global Forecasts 47

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