As China and India's economies grow, the global economic center is shifting eastward. The article questions whether and when equity valuations will reflect this change.

<p>With China and India having grown so fast as to compensate for the underperformance of their fellow BRICS (Brazil, Russia, and South Africa), the center of gravity in the global economy continues to shift eastward. The question now is whether—and when—equity valuations will reflect this underlying reality.</p>