Consumer Sportswear turns up

　　Chinese consumers continue to spend. On the macro front, economic dataremain encouraging, indicating continued growth of domestic demand even asexternal demand stays weak. The 7.9% economic growth in 2Q09 exceeded ourprojection of 7.4% and consensus estimate of 7.8%. Retail sales continued to holdup, supporting recent data showing buoyant sales of real estate and autos. Wemaintain our 7.6% GDP growth forecast for the full year.