I recently realised that, for example, Blackrock's emerging market ETF includes Chinese and South Korean stocks. South Korea has a higher GDP per capita than Spain, and the Chinese shares in the ETF are some of the largest companies in the world. I personally wouldn't consider these economies to be "emerging", so what are the criteria, or who decides which countries to include?
If these economies continue to develop the way they have in recent decades, are there any established procedures for countries or companies to become excluded from an emerging market ETF? Perhaps in the way that companies move in and out of small-cap/mid-cap/large-cap indices?