GS 高盛：中国观察－威胁还是朋友？

（46页 英文) September 16-18, 2007

China Overview –Threat or Friend?

China’s potential for oversupply remains the biggest risk to the global steel industry.
However, slowing production growth data out of China is encouraging.
Chinese government measures to close inefficient mills and curb excess exports are steps in the right direction.
China does not have a competitive advantage in producing steel.
We expect more balanced supply/demand fundamentals for China’s steel industry in future.
China’s economic growth forecast implies that longer-term, it will be an important and positive factor for the global steel industry.