Contents
Key BNP Paribas macro messages............................................................................... 3
Macroeconomic policy update ....................................................................................... 4
Key BNPP economic projection..................................................................................... 5
Themes......................................................................................................................... 6
Growth to accelerate in 2H09 6
Measures to cool off lending 9
Household savings, asset liquidity mystery 12
China rebalancing; vs exchange rate outlook 14
Macroeconomic monitor .............................................................................................. 16
GDP growth 16
Industrial performance 17
Sources of growth 22
Money and inflation 27
Market performance and rates 31
Appendices .................................................................................................................. 35
1. 12-month major economic indicators 35
2. 12-month major industrial products 37
3. Industrial profitability 38
4. Urban fixed-asset investment growth by sector 39
5. Key economic forecasts 41