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  3. Before the global financial crisis, emerging economies like China aspired to "decouple" themselves from the rich world, hoping t

Before the global financial crisis, emerging economies like China aspired to "decouple" themselves from the rich world, hoping t

admin2018-04-17  58
问题    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.
What can be inferred from the last sentence?
选项 A、The US encourages its domestic firms to come home.
B、China has lost its advantage in export market.
C、China’s stock market is falling apart.
D、China has lost some of its appeal to some foreign companies.
答案D
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。
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