For the decade that began in 2011, we at Goldman Sachs Asset Management have assumed that China, which accounts for about half of total Growth Eight output (probably $8.3 trillion by the end of 2012), will grow at a 7-8% annual rate in real terms, with inflation around 3%. Unless the renminbi falls in value, this translates into an average nominal increase of at least 10-11% in dollar terms.