2023考研英語閱讀中國依賴指數
The Sinodependency index
中國依賴指數
Declaration of Chindependence
跨國企業對中國市場的獨立宣言
For an American multinational, is exposure toChina still a good thing?
對于美國的跨國企業來說，把命運寄托在中國市場上的做法還是一種明智的選擇嗎?
Jul 20th 2023 | SYDNEY |From the print edition
BEFORE the global financial crisis, emerging economies like China aspired to decouplethemselves from the rich world, hoping that local demand and regional trade would sustainthem even if Western markets faltered. After the crisis, rich economies aspired to couplethemselves with China, one of the few sources of growth in a moribund world. Carmakers inGermany, iron-ore miners in Australia and milk-powder makers in New Zealand allbenefited enormously from exports to the Middle Kingdom. Every company needed a Chinastory to tell.
在全球金融危機前，像中國這樣的新興經濟體一直不愿同富國摻和在一起，他們希望拉動內部需求，促進區域內貿易，這樣即使在西方市場衰退之際也能保持經濟發展。在經濟崩潰的大背景下，中國是為數不多依然還能保持經濟增長的國家之一。金融危機后，富國都想和中國加強經貿聯系。德國的汽車企業，澳大利亞的鐵礦石開采公司以及新西蘭的奶粉制造商向中國大量出口，都獲得豐厚的利潤。每個企業的都渴望進駐中國市場。
Explore Sinodependency by year and sector with our interactive tree-map
瀏覽交互式的樹狀圖了解下每年各行業的中國依賴指數
But as China slows and America gradually recovers, those stories are becoming lesscompelling. Some of them are turning into cautionary tales. Exposure to China does notalways endear a firm to investors, as GlaxoSmithKline, a British pharmaceutical giantembroiled in a corruption scandal in the country, is now discovering.
但是隨著中國經濟增速放緩，美國經濟逐漸復蘇，中國市場也并不那么吸引人了，一些公司在中國的發展境遇還起了警示作用。外資公司和中國雖聯系密切，但他們會發現自己并不受歡迎，如卷入行賄門事件的英國制藥業巨頭葛蘭素史克肯定對此深有體會。
As a rough gauge of multinational exposure to China, The Economist in 2010 introducedthe Sinodependency index, a stockmarket index that weights American multinationalsaccording to their China revenues. The latest version of the index includes all of the membersof the S P 500 index that provide a usable geographical breakdown of their revenues.The weight of each of these 133 firms in the index reflects their market capitalisationmultiplied by Chinas share of their revenues. A company worth 100 billion dollars thatderives 10% of its revenues from China has the same weight as one worth 20 billion dollarsderiving half of its revenues from China. Where firms report their revenues for Asia-Pacificbut not for China, the index assumes that Chinas share of regional revenues matches itsshare of regional GDP.
《經濟學家》雜志于2010年引入了一種股價指數中國依賴指數作為粗略衡量跨國企業對中國依賴度的標準，該指數是根據這些企業在中國取得的收入將其在中國市場的比重作為權數，對應相應的公司股價，進行加權處理而得出的。最新的中國依賴指數覆蓋了位于美國標準普爾500指數之列且能提供不同地域收入細目的所有公司。133家企業的各自權數反映了他們的市值與其在中國收入占總收入的比重的乘積。市值為1000億美元在中國收入占總收入10%的公司，其權數與市值為200億美元在中國收入占總收入一半的公司的權數一樣。對于那些只公布在整個亞太地區收入的公司而不公布在中國的收入，該指數假設這些公司在中國的收入所占份額就是其在這一區域的GDP中所占的份額。
The biggest members of the index are Apple, with an 11% weight in 2023, followed byQualcomm and Intel . Most of the firms in the index are more dependent onChina now than they were. China accounted for 11.2% of their revenues on average in 2023,compared with 9.8% in 2009.
蘋果是中國依賴指數最高的企業，2023年的權數為11%，其次為8.3%的高通和7%的英特爾。加入該指數中的大多數企業如今更加依賴中國了。相對于2009年這些企業在中國的收入占比平均為9.8%，2023年在中國的收入占比已為11.2%了。
Although the dependence has risen, the rewards have not . After handilyoutperforming the S P 500 benchmark in 2009-11, the Sinodependency index has sincestruggled to keep pace. So far this year it has risen by 9.6%. That is far better than Chinasown stockmarkets, which have fallen by over 9%. But both have been overshadowed by themuch stronger performance of the conventional S P 500 index, which is up by 18%.Perhaps the 367 S P 500 companies that are not in our index should loudly proclaimtheir Sino-independence.
不過雖然對中國的依賴程度上升，股票回報率卻并未相應上升。在2009-11年度輕松高出標準普爾500基準指數后，中國依賴指數便自此難跟上標普500指數的腳步了。今年到目前為止中國依賴指數漲幅為9.6%，表現要比中國的股票市場好得多，中國股市跌幅已超過9%。然而對中國依賴指數和中國股市的股指相對于表現強勁的傳統標準普爾500指數來說只能望其項背，標普500指數漲幅為18%。也許另外367家不在中國依賴指數覆蓋范圍內的標普500企業能驕傲地聲稱他們是對中國一點都不依賴。
The Sinodependency index
中國依賴指數
Declaration of Chindependence
跨國企業對中國市場的獨立宣言
For an American multinational, is exposure toChina still a good thing?
對于美國的跨國企業來說，把命運寄托在中國市場上的做法還是一種明智的選擇嗎?
Jul 20th 2023 | SYDNEY |From the print edition
BEFORE the global financial crisis, emerging economies like China aspired to decouplethemselves from the rich world, hoping that local demand and regional trade would sustainthem even if Western markets faltered. After the crisis, rich economies aspired to couplethemselves with China, one of the few sources of growth in a moribund world. Carmakers inGermany, iron-ore miners in Australia and milk-powder makers in New Zealand allbenefited enormously from exports to the Middle Kingdom. Every company needed a Chinastory to tell.
在全球金融危機前，像中國這樣的新興經濟體一直不愿同富國摻和在一起，他們希望拉動內部需求，促進區域內貿易，這樣即使在西方市場衰退之際也能保持經濟發展。在經濟崩潰的大背景下，中國是為數不多依然還能保持經濟增長的國家之一。金融危機后，富國都想和中國加強經貿聯系。德國的汽車企業，澳大利亞的鐵礦石開采公司以及新西蘭的奶粉制造商向中國大量出口，都獲得豐厚的利潤。每個企業的都渴望進駐中國市場。
Explore Sinodependency by year and sector with our interactive tree-map
瀏覽交互式的樹狀圖了解下每年各行業的中國依賴指數
But as China slows and America gradually recovers, those stories are becoming lesscompelling. Some of them are turning into cautionary tales. Exposure to China does notalways endear a firm to investors, as GlaxoSmithKline, a British pharmaceutical giantembroiled in a corruption scandal in the country, is now discovering.
但是隨著中國經濟增速放緩，美國經濟逐漸復蘇，中國市場也并不那么吸引人了，一些公司在中國的發展境遇還起了警示作用。外資公司和中國雖聯系密切，但他們會發現自己并不受歡迎，如卷入行賄門事件的英國制藥業巨頭葛蘭素史克肯定對此深有體會。
As a rough gauge of multinational exposure to China, The Economist in 2010 introducedthe Sinodependency index, a stockmarket index that weights American multinationalsaccording to their China revenues. The latest version of the index includes all of the membersof the S P 500 index that provide a usable geographical breakdown of their revenues.The weight of each of these 133 firms in the index reflects their market capitalisationmultiplied by Chinas share of their revenues. A company worth 100 billion dollars thatderives 10% of its revenues from China has the same weight as one worth 20 billion dollarsderiving half of its revenues from China. Where firms report their revenues for Asia-Pacificbut not for China, the index assumes that Chinas share of regional revenues matches itsshare of regional GDP.
《經濟學家》雜志于2010年引入了一種股價指數中國依賴指數作為粗略衡量跨國企業對中國依賴度的標準，該指數是根據這些企業在中國取得的收入將其在中國市場的比重作為權數，對應相應的公司股價，進行加權處理而得出的。最新的中國依賴指數覆蓋了位于美國標準普爾500指數之列且能提供不同地域收入細目的所有公司。133家企業的各自權數反映了他們的市值與其在中國收入占總收入的比重的乘積。市值為1000億美元在中國收入占總收入10%的公司，其權數與市值為200億美元在中國收入占總收入一半的公司的權數一樣。對于那些只公布在整個亞太地區收入的公司而不公布在中國的收入，該指數假設這些公司在中國的收入所占份額就是其在這一區域的GDP中所占的份額。
The biggest members of the index are Apple, with an 11% weight in 2023, followed byQualcomm and Intel . Most of the firms in the index are more dependent onChina now than they were. China accounted for 11.2% of their revenues on average in 2023,compared with 9.8% in 2009.
蘋果是中國依賴指數最高的企業，2023年的權數為11%，其次為8.3%的高通和7%的英特爾。加入該指數中的大多數企業如今更加依賴中國了。相對于2009年這些企業在中國的收入占比平均為9.8%，2023年在中國的收入占比已為11.2%了。
Although the dependence has risen, the rewards have not . After handilyoutperforming the S P 500 benchmark in 2009-11, the Sinodependency index has sincestruggled to keep pace. So far this year it has risen by 9.6%. That is far better than Chinasown stockmarkets, which have fallen by over 9%. But both have been overshadowed by themuch stronger performance of the conventional S P 500 index, which is up by 18%.Perhaps the 367 S P 500 companies that are not in our index should loudly proclaimtheir Sino-independence.
不過雖然對中國的依賴程度上升，股票回報率卻并未相應上升。在2009-11年度輕松高出標準普爾500基準指數后，中國依賴指數便自此難跟上標普500指數的腳步了。今年到目前為止中國依賴指數漲幅為9.6%，表現要比中國的股票市場好得多，中國股市跌幅已超過9%。然而對中國依賴指數和中國股市的股指相對于表現強勁的傳統標準普爾500指數來說只能望其項背，標普500指數漲幅為18%。也許另外367家不在中國依賴指數覆蓋范圍內的標普500企業能驕傲地聲稱他們是對中國一點都不依賴。
