Passage 1
As the world's' largest trading nation, its largest exporter and second largest importer, China wields extensive influence on global trade and the world economy. China's advantages of course lie not only in the stable foreign trade policy decided by the recently held Central Economic Work Conference, but also in the strength and resilience of a broad-based and fast-growing economy.
The country's primary advantage comes from its stable macro-economy. The Chinese economy has generally realized a soft landing following a period of extremely rapid economic growth. While China did confront severe inflationary pressures in 2011, as well as a brief drop in the value of the renminbi exchange rate, China's financial status is the most stable of the world's major economies and leading emerging markets. While China still faces risks related to local financing platforms and potential non-performing loans in the banking sector, the overall assets status of the Chinese banking system is still sound, and China's rate of inflation remains lower than India's and those of other hot emerging markets by several percentage points.
Although pressure for renminbi depreciation continues to accumulate, the yuan is still stable compared with most emerging market currencies, many of which are now nearing currency crisis levels.
Among the largest emerging economies-BRICS the first nine months of 2011, only China's yuan appreciated by more than 3 percent in the inter-bank foreign exchange market. In the other four BRICS countries, the Russian ruble depreciated by 4. 06 percent,the Brazilian real lost 8. 01 percent of its value, while the Indian rupee and South African rand devalued by 8.5 percent and15.7 percent, respectively.
16.China's advantages mainly lie in the stable foreign trade policy.