<P><FONT size=5>高盛：宏观经济－中国经济数据－07年1-2月固定资产投资增速反弹</FONT></P>
<P><FONT size=5>March 16, 2007 2页</FONT></P>

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<P><FONT size=3>&#1048707; Headline fixed asset investment (FAI) rebounded to 23.4% year on year (yoy) in January-February,<BR>up from 13.8% yoy in December. On a quarter-on-quarter (qoq); seasonally-adjusted; annualized basis, FAI<BR>growth accelerated to 32.2% and 23.0% in February and January respectively from 11.3% in December.<BR>&#1048707; The acceleration in FAI growth confirms our view that China’s growth is gaining more momentum. If<BR>investment demand continues to strengthen on the back of monetary expansion, inflationary pressures will<BR>likely revisit in the near term. Therefore, we expect</FONT></P>