美国高盛中国消费市场深度研究，动力不减，7月趋势依然强劲，收入增长仍然很健康

Goldman Sachs Group, Inc
Research Report July 30, 2010

China Consumer Pulse Check:
July trends still strong; income growth remains healthy

• July trends stable vs. June; 2Q10 income tax
• tally encouraging

• Consumption Drivers: Wage growth
• encouraging; wealth effect risk still remote

• Retail Channel Check: Spending momentum
• steady in July

• Stock implications