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Core Insights - Emerging markets are expected to continue outperforming the S&P 500 index due to favorable conditions [4][5] - The Chinese government is focused on becoming a technology leader to achieve long-term development goals [7][8] Emerging Markets Performance - The MSCI Emerging Markets index has outperformed the S&P 500 this year, with conditions in place for this trend to continue [5] - A potential weakening of the US dollar is favorable for emerging market assets [5] - The presence of AI and technology leaders in Asia enhances the attractiveness of these markets [5] - China's economic policies are expected to improve its economic outlook compared to other regions [5] Investment Sentiment - There is a gradual return of foreign capital to China, reversing the net outflow trend since 2021 [5] - Asian investors are open to investing in China, with many already having exposure [6] - The willingness of US investors to consider Chinese stocks will depend on the perceived attractiveness of the market [6] Chinese Government's Role - The Chinese government aims to ensure healthy economic development while avoiding excessive stimulus [8] - The government supports industries that align with strategic goals, particularly in technology self-sufficiency [8] - There is a focus on fostering domestic innovation in response to external technological restrictions [8] Comparison with Japan - China differs significantly from Japan in the 1990s, lacking a valuation bubble and having a faster governmental response to economic challenges [9][10] - China's potential economic growth rate is higher than that of Japan during its economic stagnation [10] Korean Market Insights - The Korean KOSPI index has seen a significant increase of over 60% this year, yet the market remains relatively inexpensive [11] - The Korean government is promoting policies aimed at enhancing value, which could attract more investors [11] - International investors typically view Korea as part of a regional portfolio, but there is potential for Korea to be seen as an independent investment opportunity [12]