China GDP Growth = Increasingly Driven by Domestic Consumption… @ 62% vs. 35% of GDP Growth (2003） China Domestic Consumption Contribution to GDP Growth 80% a n i h C , 62% th w60% o Gr P GD 40% to n o 35% ti u b i tr 20% n o C % 0% 2003 2006 2009 2012 2015 2018E Source: China National Bureau of Statistics, Morgan Stanley Research. Note: Domestic Consumption Includes Household and Government Consumption. Other Drivers of GDP 240 Growth Include Investments (Gross Capital Formation) and Net Export of Goods and Services.