In 2023, the MSCI Emerging Markets world index rose 9.83%, but if the Chinese stock markets are excluded, the gain was 20%, in line with that obtained in the markets of the most developed economies. China is currently the great burden of emerging markets, which has led it to give up its fourth largest share of global capitalization to the thriving India.
While China has yet to regain investor confidence, analysts are optimistic about the evolution of emerging Markets in 2024. They look even more attractive by the Shiller measure [a long-term valuation based on cyclically adjusted 10-year earnings], at a discount of around 49% to Western indices.