Asia is a big place, comparing north east asia to southeast asia...

Asia is a big place, comparing north east asia to southeast asia is like comparing Northern Europe with the middle-east. My point is that mainland China is vastly different to Japan and S Korea, and is more culturally inclined towards southeast asia. Japan and S Korea owe their success to having a unique system built on social cohesiveness, and a nationalist economy that rose quickly due to being part dirigiste yet free-market, a tripartite collusion of government, big conglomerates and SME's supporting each other. Today their labour costs are similar to europe, higher than the US, yet between them still manage to lead the world in production of cars, high end electronics. A jap/korean car for example these days will cost less yet run longer than any equivalent european/american mass producer.

China on the other hand is a classic kleptocracy, and their economic development mired in gross corruption and greed. While corruption exists in any country, in China it takes on a more predatory nature and it undermines their economic and social advancement. For that reason I am not optimistic about China. Their miracle economy hasn't yet fully transitioned from infrastructure phase, yet is already showing early signs of trouble. They will continue to be big consumers of ore, but not like in the past. The rest of Asia are better off replicating japan/s korea systems IMO.

As for FMG, it is a traders stock and not an investors. The long term macro might not be bright, but it's a major producer, a viable company and its stock volatility actually makes it one of the best on the ASX. If you can pick the highs and lows, it gives generously.