【明報專訊】THE SLOWDOWN in the Chinese economy has led to volatility in financial markets worldwide. Currencies of some emerging markets, as well as commodity prices, have fallen sharply. This has put countries reliant on the export of raw materials under a lot of pressure. There is concern about whether the Asian financial crisis, which struck a blow to the region in 1997, is back, whether the emerging markets will be caught up in a full-blown crisis, and whether "the era of BRICS", a label attached to the past 10-odd years, has ended. We are convinced that, while it is undeniable that the economic performance of the emerging markets has weakened, it is far too soon to say another crisis is on the horizon. However, it is important for all the countries in the world to take the bull by the horns and implement reform.