Fourth, many emerging markets – including the BRICs (Brazil, Russia, India, and China), but also many others – are now experiencing decelerating growth. Their “state capitalism” – a large role for state-owned companies; an even larger role for state-owned banks; resource nationalism; import-substitution industrialization; and financial protectionism and controls on foreign direct investment – is the heart of the problem.
第四，很多新兴市场——包括金砖四国（巴西、俄罗斯、印度和中国），还有其他许多国家——如今都正在经历减速增长。它们的“国家资本主义”——国有企业的重要作用；更重要的国有银行作用；资源民族主义；进口替代品工业化；金融保护主义并控制外国直接投资——是问题的核心。它们是否会拥护旨在提高私企在经济增长角色的改革还有待观察。