2023考研英語(yǔ)閱讀中國(guó)依賴指數(shù)
The Sinodependency index
中國(guó)依賴指數(shù)
Declaration of Chindependence
跨國(guó)企業(yè)對(duì)中國(guó)市場(chǎng)的獨(dú)立宣言
For an American multinational, is exposure toChina still a good thing?
對(duì)于美國(guó)的跨國(guó)企業(yè)來(lái)說(shuō)，把命運(yùn)寄托在中國(guó)市場(chǎng)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(jī)前，像中國(guó)這樣的新興經(jīng)濟(jì)體一直不愿同富國(guó)摻和在一起，他們希望拉動(dòng)內(nèi)部需求，促進(jìn)區(qū)域內(nèi)貿(mào)易，這樣即使在西方市場(chǎng)衰退之際也能保持經(jīng)濟(jì)發(fā)展。在經(jīng)濟(jì)崩潰的大背景下，中國(guó)是為數(shù)不多依然還能保持經(jīng)濟(jì)增長(zhǎng)的國(guó)家之一。金融危機(jī)后，富國(guó)都想和中國(guó)加強(qiáng)經(jīng)貿(mào)聯(lián)系。德國(guó)的汽車企業(yè)，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(guó)大量出口，都獲得豐厚的利潤(rùn)。每個(gè)企業(yè)的都渴望進(jìn)駐中國(guó)市場(chǎng)。
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(yè)的中國(guó)依賴指數(shù)
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(guó)經(jīng)濟(jì)增速放緩，美國(guó)經(jīng)濟(jì)逐漸復(fù)蘇，中國(guó)市場(chǎng)也并不那么吸引人了，一些公司在中國(guó)的發(fā)展境遇還起了警示作用。外資公司和中國(guó)雖聯(lián)系密切，但他們會(huì)發(fā)現(xiàn)自己并不受歡迎，如卷入行賄門事件的英國(guó)制藥業(yè)巨頭葛蘭素史克肯定對(duì)此深有體會(huì)。
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(jīng)濟(jì)學(xué)家》雜志于2010年引入了一種股價(jià)指數(shù)中國(guó)依賴指數(shù)作為粗略衡量跨國(guó)企業(yè)對(duì)中國(guó)依賴度的標(biāo)準(zhǔn)，該指數(shù)是根據(jù)這些企業(yè)在中國(guó)取得的收入將其在中國(guó)市場(chǎng)的比重作為權(quán)數(shù)，對(duì)應(yīng)相應(yīng)的公司股價(jià)，進(jìn)行加權(quán)處理而得出的。最新的中國(guó)依賴指數(shù)覆蓋了位于美國(guó)標(biāo)準(zhǔn)普爾500指數(shù)之列且能提供不同地域收入細(xì)目的所有公司。133家企業(yè)的各自權(quán)數(shù)反映了他們的市值與其在中國(guó)收入占總收入的比重的乘積。市值為1000億美元在中國(guó)收入占總收入10%的公司，其權(quán)數(shù)與市值為200億美元在中國(guó)收入占總收入一半的公司的權(quán)數(shù)一樣。對(duì)于那些只公布在整個(gè)亞太地區(qū)收入的公司而不公布在中國(guó)的收入，該指數(shù)假設(shè)這些公司在中國(guó)的收入所占份額就是其在這一區(qū)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(guó)依賴指數(shù)最高的企業(yè)，2023年的權(quán)數(shù)為11%，其次為8.3%的高通和7%的英特爾。加入該指數(shù)中的大多數(shù)企業(yè)如今更加依賴中國(guó)了。相對(duì)于2009年這些企業(yè)在中國(guó)的收入占比平均為9.8%，2023年在中國(guó)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(guò)雖然對(duì)中國(guó)的依賴程度上升，股票回報(bào)率卻并未相應(yīng)上升。在2009-11年度輕松高出標(biāo)準(zhǔn)普爾500基準(zhǔn)指數(shù)后，中國(guó)依賴指數(shù)便自此難跟上標(biāo)普500指數(shù)的腳步了。今年到目前為止中國(guó)依賴指數(shù)漲幅為9.6%，表現(xiàn)要比中國(guó)的股票市場(chǎng)好得多，中國(guó)股市跌幅已超過(guò)9%。然而對(duì)中國(guó)依賴指數(shù)和中國(guó)股市的股指相對(duì)于表現(xiàn)強(qiáng)勁的傳統(tǒng)標(biāo)準(zhǔn)普爾500指數(shù)來(lái)說(shuō)只能望其項(xiàng)背，標(biāo)普500指數(shù)漲幅為18%。也許另外367家不在中國(guó)依賴指數(shù)覆蓋范圍內(nèi)的標(biāo)普500企業(yè)能驕傲地聲稱他們是對(duì)中國(guó)一點(diǎn)都不依賴。
The Sinodependency index
中國(guó)依賴指數(shù)
Declaration of Chindependence
跨國(guó)企業(yè)對(duì)中國(guó)市場(chǎng)的獨(dú)立宣言
For an American multinational, is exposure toChina still a good thing?
對(duì)于美國(guó)的跨國(guó)企業(yè)來(lái)說(shuō)，把命運(yùn)寄托在中國(guó)市場(chǎng)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(jī)前，像中國(guó)這樣的新興經(jīng)濟(jì)體一直不愿同富國(guó)摻和在一起，他們希望拉動(dòng)內(nèi)部需求，促進(jìn)區(qū)域內(nèi)貿(mào)易，這樣即使在西方市場(chǎng)衰退之際也能保持經(jīng)濟(jì)發(fā)展。在經(jīng)濟(jì)崩潰的大背景下，中國(guó)是為數(shù)不多依然還能保持經(jīng)濟(jì)增長(zhǎng)的國(guó)家之一。金融危機(jī)后，富國(guó)都想和中國(guó)加強(qiáng)經(jīng)貿(mào)聯(lián)系。德國(guó)的汽車企業(yè)，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(guó)大量出口，都獲得豐厚的利潤(rùn)。每個(gè)企業(yè)的都渴望進(jìn)駐中國(guó)市場(chǎng)。
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(yè)的中國(guó)依賴指數(shù)
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(guó)經(jīng)濟(jì)增速放緩，美國(guó)經(jīng)濟(jì)逐漸復(fù)蘇，中國(guó)市場(chǎng)也并不那么吸引人了，一些公司在中國(guó)的發(fā)展境遇還起了警示作用。外資公司和中國(guó)雖聯(lián)系密切，但他們會(huì)發(fā)現(xiàn)自己并不受歡迎，如卷入行賄門事件的英國(guó)制藥業(yè)巨頭葛蘭素史克肯定對(duì)此深有體會(huì)。
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(jīng)濟(jì)學(xué)家》雜志于2010年引入了一種股價(jià)指數(shù)中國(guó)依賴指數(shù)作為粗略衡量跨國(guó)企業(yè)對(duì)中國(guó)依賴度的標(biāo)準(zhǔn)，該指數(shù)是根據(jù)這些企業(yè)在中國(guó)取得的收入將其在中國(guó)市場(chǎng)的比重作為權(quán)數(shù)，對(duì)應(yīng)相應(yīng)的公司股價(jià)，進(jìn)行加權(quán)處理而得出的。最新的中國(guó)依賴指數(shù)覆蓋了位于美國(guó)標(biāo)準(zhǔn)普爾500指數(shù)之列且能提供不同地域收入細(xì)目的所有公司。133家企業(yè)的各自權(quán)數(shù)反映了他們的市值與其在中國(guó)收入占總收入的比重的乘積。市值為1000億美元在中國(guó)收入占總收入10%的公司，其權(quán)數(shù)與市值為200億美元在中國(guó)收入占總收入一半的公司的權(quán)數(shù)一樣。對(duì)于那些只公布在整個(gè)亞太地區(qū)收入的公司而不公布在中國(guó)的收入，該指數(shù)假設(shè)這些公司在中國(guó)的收入所占份額就是其在這一區(qū)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(guó)依賴指數(shù)最高的企業(yè)，2023年的權(quán)數(shù)為11%，其次為8.3%的高通和7%的英特爾。加入該指數(shù)中的大多數(shù)企業(yè)如今更加依賴中國(guó)了。相對(duì)于2009年這些企業(yè)在中國(guó)的收入占比平均為9.8%，2023年在中國(guó)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(guò)雖然對(duì)中國(guó)的依賴程度上升，股票回報(bào)率卻并未相應(yīng)上升。在2009-11年度輕松高出標(biāo)準(zhǔn)普爾500基準(zhǔn)指數(shù)后，中國(guó)依賴指數(shù)便自此難跟上標(biāo)普500指數(shù)的腳步了。今年到目前為止中國(guó)依賴指數(shù)漲幅為9.6%，表現(xiàn)要比中國(guó)的股票市場(chǎng)好得多，中國(guó)股市跌幅已超過(guò)9%。然而對(duì)中國(guó)依賴指數(shù)和中國(guó)股市的股指相對(duì)于表現(xiàn)強(qiáng)勁的傳統(tǒng)標(biāo)準(zhǔn)普爾500指數(shù)來(lái)說(shuō)只能望其項(xiàng)背，標(biāo)普500指數(shù)漲幅為18%。也許另外367家不在中國(guó)依賴指數(shù)覆蓋范圍內(nèi)的標(biāo)普500企業(yè)能驕傲地聲稱他們是對(duì)中國(guó)一點(diǎn)都不依賴。
