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And in one respect many consumers in emerging markets are leapfrogging over their Western peers.
ECONOMIST: Emerging markets are teeming with young entrepreneurs
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Shares of emerging-market banks, which with the exception of a few places such as Russia are in reasonable shape, have plunged in sympathy with their Western peers.
ECONOMIST: Emerging markets
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Still, consultants say given that most of these Chinese bank units are state owned, there is less pressure on them to find new avenues of growth than on their Western peers.
WSJ: China Banks Change Tack as Hong Kong IPOs Dry Up
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China's reluctance to delve into domestic affairs has raised concern internationally, but the trade-without-conditions approach has been hailed by many African leaders who are tired of being dictated to by their Western peers.
NPR: Series Overview: China's Rising Power in Africa
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For Western banks, the uncomfortable parallel is with their Japanese peers' slow recovery.
ECONOMIST: Japanese banks
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The government's strategy has been to treat imports of capital goods, such as machine tools, relatively generously (to help Kia and its peers improve their manufacturing), while clamping down on imports of western consumer goods, such as cars.
ECONOMIST: South Korea��s firms