A third part of the emerging markets benchmark is China. I don't want to over-exaggerate the significance of it but the last comparable period on a global scale you have for the current Chinese "new" economy is effectively the US in the 1860s and 1970s.
The firm said during a media briefing that it remains long-term bullish on emerging markets and China despite viewing escalating trade tensions and a faster rate of normalization by global central banks.