By Tim Love, head of global emerging market equities at Rathbones For much of the past two decades, China has been the undisputed elephant in the room in emerging markets (EM). Its sheer scale has meant that shifts in Chinese policy, growth or sentiment have tended to dictate returns across the broad MSCI EM index, for better or worse. But all that’s changing – and quickly. As at 21 April 2026, Taiwan accounts for 27% of the index, drawing level with China’s weighting. Five years ago, China represented roughly 42% of the index. This shift isn’t a cyclical rotation but...