1. Outlook of China’s Economy --- An Introduction to CCER China Economic Observer Feng Lu China Center for Economic Research Peking University January 2010, New York

5. 9 Macro-economic indicators are projected regularly 6.81 2.25 10.8 -4.0 15.8 33.2 15.6 0.4 10.6 Average 6.82 2.25 12.0 -9.0 15.5 30.0 17.2 0.0 10.9 CCER 6.83 2.25 21.0 5.9 15.5 31.0 14.2 0.9 11.0 BOC Internatioanl 6.82 2.25 21.5 1.3 16.5 32.8 18.5 0.6 11.1 CITIC 6.81 2.25 25.5 6.2 15.6 34.7 15.9 0.7 10.6 CSC 6.83 2.25 0.0 0.0 15.7 32.0 15.0 -0.1 10.1 CICC 6.75 2.25 15.0 -4.0 17.0 36.0 18.0 0.0 11.2 China Merchants Securities 6.77 2.25 -0.1 -10.0 16.0 35.0 16.0 -0.2 10.2 China Galaxy Securities 6.70 2.25 11.3 -8.1 15.3 35.0 18.0 1.2 11.0 Nomura 6.82 2.25 17.8 -5.2 16.8 37.0 14.3 0.3 10.5 Shenyin Wanguo 6.80 2.25 -7.0 -11.0 15.5 32.0 15.3 0.2 9.9 CASS 6.80 2.25 6.7 -1.4 15.0 31.0 14.0 0.4 10.0 UBS 6.80 2.25 9.6 -4.3 16.2 30.0 15.5 0.6 11.6 Morgan Stanley 6.83 2.25 13.2 -7.4 16.3 33.5 17.6 0.5 11.3 Merrill Lynch 6.84 2.25 5.9 -13.8 .. 42.1 16.1 0.3 11.1 Blue Ork 6.82 2.25 2.3 -3.1 15.5 34.0 13.5 0.5 10.0 BOC 6.80 2.25 8.0 6.0 15.0 30.0 13.0 0.1 9.9 HSBC 6.80 2.25 10.0 -7.5 15.5 30.0 15.1 0.8 10.4 Citibank 6.82 2.25 18.5 0.0 15.6 35.5 14.0 0.7 10.8 Guotai Junan 6.82 2.25 -8.0 -10.0 15.5 30.0 16.0 -0.1 10.0 SIC 6.83 2.25 30.0 0.0 15.8 35.0 15.2 0.4 10.2 ICBC 6.83 2.25 12.5 -8.3 15.4 30.7 16.0 1.4 10.6 BNP X rate Interest rate Import Export Resale FAI IVA CPI GDP Institutions

6. According to 11 participating institutions, China’s economy will grow nearly 10% in 2010 9.78 10.1 8.5 10 10 10.1 9.5 10.0 11.4 10.1 8.8 9.1 2010 GDP Dec 2009 Dec 2009 Dec 2009 Dec 2009 Nov 2009 Oct 2009 Nov 2009 Dec 2009 Dec 2009 Dec 2009 Dec 2009 Releasing date Average CITIC State Information Center Standard Chartered Bank Morgan Stanley Merrill Lynch J.P. Morgan Chase Bank of Communications CCER (GSGH, Goldman Sachs) Essences Securities CICC Chinese Academy of Social Sciences Institutions