Taiwan vs mainland China

I'm looking at your typical emerging market ETF and the exposure to China is only marginally above that of Taiwan. Seems odd to me that China's much larger economy and population would have a similar total market cap than much smaller Taiwan. I understand the huge value of TSMC, the communist history of China, the lower GDP per capita, etc. But with China now having net exports of 1.2 trillion, their manufacturing dominance, their tech advances, infrastructure and energy expansion, it does make me think that there could be a lot of value potential on Chinese equities. I also understand that production doesn't equate to profit, but it could certainly equate to potential profit. Thoughts?