trade the challenges facing China for their own

Question

From The Economist, November 19th 2020 edition, “Joe Biden’s China policy will be a mix of Trump’s and Obama’s” we read:

Early in his campaign for the presidency, Joe Biden rejected the notion that China was much of a worry. He argued that no leader in the world would trade the challenges facing China for their own.“China’s going to eat our lunch? Come on, man,” Mr Biden scoffed. “I mean, you know, they’re not bad folks, folks. But guess what? They’re not competition for us.” He was speaking in May 2019. Tempered by his contest with Donald Trump, who tried to rally support by highlighting the threat posed by China, Mr Biden now avoids such words.

What does it mean (the text in bold)?

Answer 1

It means that the challenges facing China's leaders are more daunting than the challenges facing the leaders of other countries in the world. In fact those facing China are so great that no one would "trade places." It may or may not be an accurate claim but that is the intended meaning.

Answer 2

It simply means that

no leader in the world would exchange the challenges facing China with their own (challenges).

All the leaders in the world are faced with challenges, but China's are the most harrowing.