• Overview – Robust Growth and Heightened Inflation Point to Further Tightening 4
  
• Real Economic Activity – Acceleration in 4Q10 Followed by Moderation in 1H11 5-7
  
• Sentiment and Leading Indicators – Softening and Stabilizing 8-14
  
• Price Developments – CPI Up on Mounting Food Inflation; PPI Rebounding 15-17
  
• Monetary Policy Indicators – Managing Liquidity & Inflation Expectations 18-21
  
• Fiscal Policy Indicators – Fiscal Expenditure Reflecting Policy Priorities 22-23
  
• Investment – Real Estate Investments Remained Resilient 24-27
  
• Industrial Production, Sales, Inventory and Productivity – Growth Moderation 28-34
  
• Employment, Income, and Consumption – Stable and Resilient 35-41
  
• External Trade and FDI – Growth Normalizing on Base Effect 42-50
  
• Foreign Reserves – Modest Resumption of "Hot Money" Inflows 51-52
  
• Exchange Rate – Renminbi in Winter Break 53
  
• Financial and Property Markets – Stabilizing Prices, Sales & Construction 54-59
  
• China Macro Risk Radar 60
  
• Recent China Economics Reports 61