2011: A Year of Reflation 4

AlphaWise Evidence Series: China Macro: Inventory Cycle

Back to Normal

17

AlphaWise Evidence Series: Significant Deterioration in

Business Conditions

30

Potential Upside Surprise to Inflation Print May Trigger

Imminent Policy Responses

39

Monetary Conditions Monitor 40

Robust Growth in Anticipation of Another Liquidity Party 45

New Property Measures to Dampen Speculation, but Not

Prices

49