与以前不同的是现在的商业化的程度以及向新兴国家的延伸。
What is new is the degree of commercialisation and its spread to emerging markets.
中国更多地向其他新兴国家出口，这些国家现在出口到中国的也比美国的多。
China exports more to other emerging economies, which as a group now send more to China than to America.
新兴国家的中央银行却不辞辛苦，愿意在信贷分配过程中亲力亲为，向国内银行施加压力，优待高信用企业，歧视低信用企业。
In emerging markets, central Banks are happier to get their hands dirty in the credit-allocation process, arm-twisting Banks, favouring some industries with credit and discriminating against others.
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