, Columnist
Where Did It All Go Wrong for Emerging Markets?
In a word: China. It makes sense for investors to exit, even if the government proves able to pull off a tricky economic transition.
China has built a lot more property than it needs, and that’s a problem.
Photographer: Qilai Shen/Bloomberg
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Emerging markets are back in the morass. They were supposed to be prime beneficiaries of a broad global reflation this year, and it hasn’t happened. The challenge is to work out why.