Profits of China’s major industrial firms dipped 2.9% year on year in July, sharply down from a 0.3% decline posted in June, the National Bureau of Statistics (NBS) in Beijing said on Friday. China also announced Friday that restrictions on foreigners investing in property would be eased. With the Federal Reserve’s annual symposium for central bankers set to open today in Jackson Hole, Wyoming, concerns about the Chinese economy will be a big issue through the week end. However, despite the focus in recent times on China, there are over twenty economies generally classified as emerging markets (EM) and they are not all in the same sinking boat.