China syndrome: how the slowdown could spread to the Brics and beyond

Emerging markets, once the world's great economic hope, could see the good times end as Beijing falters. We look at which countries are most vulnerable to the 21st century's next financial crisis

Tumbling share prices. A sell-off in commodity markets. Capital flight from some of the world's riskier countries. Hints of a looming currency war. Financial markets ended last week in panic mode as fears emerged that the world was about to enter the next phase of the crisis that began eight years ago in August 2007.

Back then, the problems began in the developed world - in American and European banks - and spread to the rest of the world. The bigger emerging markets - China and India most notably - recovered quickly and acted as the locomotive for global growth while the west was struggling.

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