*ChinaRetailMarketDevelopment*Objectives2004RetailCensusFindingsDoesRetailuniversecontinuetoexpand?Howbigisourkeychannel(moderntrade)asoftoday?Anychangestothecompositionofmoderntradeoutlet?*RetailDevelopmentAsof2004RetailMarketStudy(Census)*ChinaRetailMarketDynamicsChinaexperiencedstrongeconomicgrowthin2004vs.2003;GDPclimbed9.5%RetailSalesgrewby10.2%Retail&ConsumerPriceindicesgrewat2.8%&3.9%respectivelyChinafullyopenedupitsretailmarketonDec11th,2004inlinewiththeWTOcommitmentsvigorousdevelopmentwillcontinueacross2005*ChinaMarket-SummaryChina’skeyeconomicindicatorsprovideafavorableoutlookfortheoverallmarketdevelopment,however…DespitestronggrowthintheseindicatorstherearemoresignificantchallengesfortheretailmarketModernTradecontinuestogrow>30%intermsofstorecount,fargreaterthanthegrowthinretailsal