<P><FONT face=黑体 size=6><STRONG>GS 高盛-中国每日报告 07.12 </STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>China-Daily-Insights 07.12   8页</STRONG></FONT></P>
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<P>Today’s focus<BR>China Views: China revised up 2006 real GDP growth to 11.1%<BR>China June data: money and credit growth accelerated in June<BR>Headline news<BR>China to further open reinsurance market (China Daily)<BR>EU: China Trade Barriers Costly (Yahoo)<BR>China 2007 Retail Sales May Rise 15.8%, Research Says (Bloomberg)<BR>China to strive for stable, fast economic progress: minister (People’s Daily)<BR>China Views: China revised up 2006 real GDP growth to 11.1%, Hong Liang<BR>• China's statistics agency reported today that it had revised the gross domestic product for 2006 up to CNY 21.09 trillion (USD 2.79 trillion), bringing real GDP growth for the year to 11.1 % compared with the initial report of 10.7%.<BR>• It is interesting to note that the upward revision has once again come mainly from greater expansion in the services sector. This is consistent with our long-held view that the level of China’s GDP is likely to be understated because of underestimation of consumption, despite some overestimation of investment spending. Therefore, many of the “ratio” problems such as the high investment to GDP ratio reflect data quality</P>