The party is not over yet for EMs' dream rally

What happens with China -- where authorities are waging a battle against debt and President Xi Jinping is cementing his power -- has edged up in the rankings

Bulls will retain the upper hand in emerging markets in 2018, but some assets could be in for a reality check.

Bonds and equities in developing countries will continue to streak ahead, outpacing their developed-nation peers into next year, according to a Bloomberg survey of 20 investors, traders and strategists. Currencies, however, may struggle to stay in front. The survey was conducted December 5-14.

And while the Federal Reserve's actions will remain key in determining the fate of what has been the strongest equity rally for emerging-market stocks in eight years, geopolitical risks will be less of a focus as investors zero