China's problem is not competitiveness: its exports are holding up much better than those in South KoreaorTaiwan, which fell by 17% and 42% respectively in the 12 months to December, despite weaker exchange rates.
This could be paired with a call or a long position in Globalshares Global Titans (EEG) which is a basket of 50 emerging market companies but, unlike EEM, does not have any exposure to South KoreaorTaiwan.