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GS 高盛：每日中国报告 11.15
China-Daily-Insights 11.15 11页
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Today’s focus
Asia Economics Data Flash: China data: Retail sales growth accelerated in October on the back of higher inflation and robust income growth
China: Insurance: 2008 Issues & Outlook: On a roll on four fronts; affirm positive view
Tencent Holdings (0700.HK): Community products and games drive up 3Q07 revenue, margins
ZTE Corporation (H) (0763.HK): Potential delay of CM's TD handset procurement, downside limited
Headline news
China, Hong Kong Discussed Stock Plan Risks, Yam Says (Bloomberg)
Energy draft hints at separate ministry (China Daily)
China exports more coal for higher prices on int'l markets (Xinhua)
China to phase out tax breaks for most foreign companies (Xinhua)
Asia Economics Data Flash: China data: Retail sales growth accelerated in October on the back of higher inflation and robust income growth, Yu Song
• Retail sales growth accelerated in October on the back of higher inflation and robust income growth. Year-on-year (yoy) growth picked up to 18.1% in October from 17.0% in September. On a quarteron-quarter (qoq); seasonally-adjusted; annualized basis, retail sales growth picked up to19.6% from 19.2% in September.
• Growth of retail sales in real terms also accelerated to 12.4% yoy in October, from 11.5% yoy in September.
• We view strong retail sales growth as a reflection of robust income growth and positive wealth effects from the equity market boom.
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