When is an emerging market not an emerging market...?

[Deleted User]

China is underweight in global indices compared to the value of its companies. This is because a significant chunk of publicly traded corporations is still owned by the government. Indices do not count government owned stock towards market cap. The fraction owned by the government is steadily decreasing.

In other countries, eg Japan and, during the crisis, US and UK, large corporations also had a proportion of their stock owned by the state. I suspect it was still counted towards market cap but not sure.