Rising emerging market stocks have boosted the MSCI EM index to its highest level in two and a half years, on speculation China's inflation eased last month.
Commodities enthusiasts are investing five years too late, although gold may still be worth buying, according to Fidelity's Anthony Bolton.
China will overtake the US as the world's largest economy by 2018 as the global financial crisis propels the shift in economic power to emerging countries, says PricewaterhouseCoopers.
Fund manager heavyweights Hugh Hendry and Anthony Bolton have clashed on the outlook for China.
Fidelity is looking to raise £162.1m in a new share issuance on its China Special Situations trust, run by Anthony Bolton.
China has offered support to the eurozone to help it through the debt crisis that has gripped the region.
The Shanghai Composite surged 2.9%, its biggest advance since mid-October, as China held interest rates steady despite rising inflation.