Research summary: This study investigates the longterm performance of growth-oriented versus profitoriented strategies in emerging markets. Theoretical justifications exist for superior performance for both types of strategic orientations, but we argue each orientation will have different implications on firms' long-term survival in emerging markets. The growthoriented strategy faces a shortage of non-scale free resources that would limit the firm's long-term survival, while the profit-oriented strategy would improve the chance of long-term survival by developing and leveraging firm-specific advantages for sustained growth. The study also examines the moderating effects of both the level of non-scale free resources and the extent to which the economic context favors growth. The empirical testing utilizes a sample of Chinese firms during 2008-2017. Managerial summary: Emerging markets present many growth opportunities. Firms often fall into the trap of blindly pursuing these opportunities without considering internal managerial capability. This study presents the theory-based logic and empirical evidence supporting the view that the profit-oriented strategy is likely to outperform the growth-oriented strategy on a long-term basis. The growth orientation strains managerial attention that is in short supplies in emerging