Asia Economics Monthly

Table of Contents
Asia economic and financial forecasts ............... Page 2
China................................................................... Page 3
Hong Kong .......................................................... Page 6
India .................................................................... Page 8
Indonesia .......................................................... Page 14
Malaysia............................................................ Page 16
Philippines ........................................................ Page 18
Singapore ......................................................... Page 20
South Korea ...................................................... Page 22
Sri Lanka ........................................................... Page 26
Taiwan .............................................................. Page 28
Thailand ............................................................ Page 30
Vietnam ............................................................ Page 32
Interest rate and inflation charts ....................... Page 34
Asian economic indicators ............................... Page 38

CHINA: We reiterate our view that the cooling property market, slowing
export demand, and inventory destocking will slow sequential GDP growth in
the coming two quarters. Property sales declined by 40%yoy in past month
in 35 major cities. CPI inflation remains on a deceleration track towards
4%yoy in December. Food, oil and some raw materials prices declined in
recent weeks