The economic slowdown in the US, the eurozone, and China already implies a massive drag on growth in other emerging markets, owing to their trade and financial links with the US and the European Union (that is, no “decoupling” has occurred). At the same time, the lack of structural reforms in emerging markets, together with their move towards greater state capitalism, is hampering growth and will reduce their resiliency.
美国、欧元区和中国的经济减速已经对其他新兴市场造成了重大影响，这是由它们与美国和欧盟的贸易和金融联系决定的（也就是说，“脱钩”并没有发生）。与此同时，新兴市场结构性改革的缺位以及向国家资本主义的演进正在妨碍它们的增长、削弱它们的韧性。