Urbanization is a topic which ppl have discussed over the years. The bull cycle of commodity and oil, is primarily driven by the rapid urbanization and growing economy in these two countries. Long investors have allocated much capital into these two countries and related sectors. So far this theme has performed good although volatility remains higher than developed market. However, due to the structural problem in both countries, such as the political system in China and the religious system in India, investors are becoming a bit more cautious after an incredible bull market over the decade.
For example, China's farmers have lost their lands during the real estate bubble. The government, both at provincial level and of lower level, highly depends on the income from sales of lands to make the end meet. Using a DCF model, we can see that the government has cashed out the most precious asset. When the macro-economy is good, it's easy for the government to increase tariff and pay back bank loan. But when there is a black swan jumps out, the economy plunges incidentaly, it's probably a hidden risk that the government defaults.
Anyway, great topic!