Political developments also have been a factor this year in emerging markets, ranging from Russia’s annexation of Ukraine’s Crimea, a military coup in Thailand, and protests in Hong Kong, to the more positive events of elections in India and Indonesia that brought in reform-minded governments. Toward year-end an important development affecting prospects for the Hong Kong and Chinese Mainland markets was the start-up of Shanghai-Hong Kong Connect, providing reciprocal market access to investors in both markets. This should be a positive for both markets going forward.