China's stock market has shown impressive growth since 1996, with the market cap of the MSCI China Index growing at a 10% compound annual growth rate (CAGR) and earnings increasing at an 11% CAGR. Additionally, shares outstanding have also grown significantly. In a related development, China's forward price-to-earnings (PE) ratio has re-rated near its 20-year historical average from previously oversold levels. Meanwhile, Argentina's S&P Merval index has experienced a remarkable 57.4% year-to-date (YTD) increase as of September 23rd, outperforming the S&P 500.