<P><FONT face=黑体 size=6><STRONG>GS 高盛：中国每日报告 05.22  </STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>China Daily Insights </STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>05.23         8页</STRONG></FONT></P>
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<P><STRONG>Today’s focus<br>China: Steel: Integrated: Proposed export tax within expectation<br>Parkson Retail Group (3368.HK): Strong start to 2007<br>Headline news<br>China Raises Export Taxes to Rein in Record Trade Gap (Bloomberg)<br>China to buy stake in Blackstone (China Daily)<br>China allows overseas stock exchanges to establish offices (China Daily)<br>China: Steel: Integrated: Proposed export tax within expectation, Song Shen<br>• News: Per the Ministry of Finance (MOF) website, the government has approved a 5-10% export tax for low end steel including long products and some flat steel, and increased export tax to 15% from 10% for pig iron and semis, effective June 1. No further details are available yet.<br>• Analysis: This is the 2nd tax adjustment this year (after the April 15 abolition of the VAT rebate on long and hot rolled steel from 8%) and is within our expectation. (1). Exports remained strong in April despite the government's new policy implementation from mid-April. Aggregate exports at 7.16mt were up 33% mom and 65% yoy, representing 15.5% of total domestic production. (2). The government continues to face pressure on energy efficiency and environmental protection and considers</STRONG></P>

[此贴子已经被作者于2007-5-22 22:49:36编辑过]