Once again, all eyes are on China. Emerging markets are being battered in early 2014 as perceptions of resilience have given way to fears of vulnerability. And handwringing over China is one of the major reasons. Of course, Federal Reserve tapering – reductions of the US central bank’s unprecedented liquidity injections – has also been a trigger. That makes it much tougher for emerging economies overly dependent on global capital flows – namely, India, Indonesia, Brazil, South Africa, and Turkey – to finance economic growth. But the China factor looms equally large.