Before the global financial crisis, emerging economies like China aspired to "decouple" themselves from the rich world, hoping that local demand and regional trade would sustain them even if Western markets faltered. After the crisis, rich economies aspired to couple themselves with China, one of the few sources of growth in a moribund world. Car-makers in Germany, iron-ore miners in Australia and milk-powder makers in New Zealand all benefited enormously from exports to the Middle Kingdom. Every company needed a China story to tell. But as China slows and America gradually recovers, those stories are becoming less compelling. Some of them are turning into cautionary tales. Exposure to China does not always endear a firm to investors, as GlaxoSmithKline, a British pharmaceutical giant embroiled in a corruption scandal in the country, is now discovering. As a rough gauge of multinational exposure to China The Economist in 2010 introdued the "Sinode-pendency index" (中国依赖指数), a stock market index that weights American multinationals according to their China revenues. The latest version of the index includes many of the member companies of the S&P 500 index (美国标准普尔500指数) that provide a usable geographical breakdown of their revenues. The biggest members of the "Sinodependency index" are Apple, with an 11% weight in 2013, followed by Qualcomm (8. 3%) and Intel (7%). The top three firms in the index are more dependent on China now than they were. China accounted for 11. 2% of their revenues on average in 2015,compared with 9. 8% in 2009. Although the dependence has risen, the rewards of members of the " Sinodependency index" have not. After handily outperforming the S&P 500 benchmark from 2009 to 2011, the Sinodependency index has since struggled to keep pace. So far this year it has risen by 9. 6%. That is far better than China's own stock markets, which have fallen by over 9%. But both have been overshadowed by the much 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 proclaim their Sino-in-dependence.
单选题 The emerging economies want to decouple themselves from rich countries because______.
【正确答案】 A
【答案解析】解析:细节题。根据关键词decouple可以定位到第一段:“在全球金融危机前,像中国这样的新兴经济体一直不愿同发达国家掺和在一起,他们希望拉动内部需求,促进区域内贸易,这样即使在西方市场衰退之际也能保持经济发展。”选项[B]“新兴国家有足够的资源和资金支持自身发展”和[C]“他们无法与经济强国如德国和澳大利亚竞争”均没有提到。[D]“它们无法满足地区需求”,与文章意思相反。
单选题 The example of GlaxoSmithKline shows that______.
【正确答案】 C
【答案解析】解析:细节题。根据关键词GlaxoSmithKline可以定位到第二段。葛兰素史克的例子是为了证明中国市场也并不那么吸引人了,一些公司在中国的发展境遇起了警示作用。[A]“外资公司在中国面临歧视”,[B]“中国正在采取措施打击行贿”和[D]“外资公司迫切撤离中国”,均不合题意。
单选题 What does the author say about the top three firms of the "Sinodependency index"?
【正确答案】 C
【答案解析】解析:细节题。根据关键词top three firms定位到第四段。第四段通过一系列数据表明,苹果、高通和英特尔这三家在“中国依赖指数”上排名前三的公司越来越依赖中国市场。选项[A]“它们扩大了在中国的经营”,[B]“它们在中国市场遭遇激烈竞争”和[D]“它们告诫在中国投资要谨慎”,均不合题意。
单选题 Since 2011, the "Sinodependency index" has______.
【正确答案】 D
【答案解析】解析:细节题。根据Since 2011可以定位到最后一段,该段数据较多,需要仔细比对:“中国依赖指数”在2009年到2011年轻松高出标准普尔500基准指数,之后,便赶不上了;但是,它的表现还是要比中国的股票市场好得多。所以,自从2011年后,选项[D]“‘中国依赖指数’被传统的标准普尔500基准指数超越”,是正确的。
单选题 What can be inferred from the last sentence?
【正确答案】 D
【答案解析】解析:推断题。最后一句话是“也许另外367家不在‘中国依赖指数’覆盖范围内的标普500企业能骄傲地声称他们对中国一点都不依赖”,说明中国对于外企的吸引力有所降低。[A]美国鼓励美国企业回本土”,[B]“中国失去了在国际出口市场的竞争力”和[C]“中国股票市场正在崩溃”,文中都没提到。