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I think if what Nintendo offers is decent then their tactic of releasing different hardware for emerging markets could be very wise. China is a different market to Japan/USA/EU, and the same methods won't necessarily work there.

Obviously it depends on just what Nintendo release over there (maybe a simple upscaling Wii).

Out of the PS4 and Xbox One, I think it'll be the PS4 that comes out on top. Although I don't think China will be as big a deal as people make out. This gen I think India will be the big emergent market.