Qu Hongbin Year Quotations

We expect growth in fixed investment to slow from 27 percent last year to 15 percent in 2004 and around 10 percent in 2005,

We need to read this with caution, this is largely a reflection of the Chinese New Year distortion, therefore we should not see it as a pick up in inflation.

It's roughly in line with what people expected, and if you discount the Chinese New Year effect, the number would probably not look so high.