高盛：中国市场每日报告

（９页）01.11

Today’s focus
Asia Economics Data Flash: China trade data: Soft growth in December while trade surplus remained high China Communication Services (0552.HK): Growth/catalysts abound, need better entry points; initiate coverage Tencent Holdings (0700.HK): Tencent and Baidu—differing growth strategies not yet in conflict

China’s total annual trade surplus in 2006 recorded US$177.5 billion, 74% higher than annual trade surplus of US$102 billion in 2005. When measured in percentage of GDP, annual trade surplus will likely reach 6.9% in 2006, up from 4.6% in 2005. We estimate that current account surplus for 2006 to be above 9% of GDP, up from 7.2% in 2005.