Given this, it's no surprise the iShares MSCI China ETF (NASDAQ: MCHI) lost 24% of its value in 2022. The index's technology stocks are also priced below their historical average price/earnings ratio -- something levelheaded thinkers are realizing now that some time has passed and inflation is starting to cool. Not only did soaring inflation and global economic weakness adversely impact its once-great growth, but Beijing's so-called "zero-COVID" policies translated into lockdowns that further stymied its overall economy.