a road map for china s business cycle april 2005 joan zheng head of research 852 2536 3382 joan_zheng ml com merrill lynch does and seeks to do with companies covered in its reports as result investors should be aware that the firm may have conflict interest could affect objectivity this report consider only single factor making their investment decision refer important disclosures on pages 22 23 analyst certification page global securities & economics group fundamental equity department 2 agenda regional discrepancy purchasing power industrial how will it unfold short term economic trends policy outlook key risks 3 source national statistics bureau world bank xinjiang 23bn 1 2k tibet 2bn 0 8k qinghai 5bn 9k gansu 16bn 6k inner mongolia 26bn 1k ningxia shanxi 30bn hebei 86bn 3k shandong 150nm 7k jiangsu 150bn 0k zhejiang 113bn
