Can the CAPM beta of emerging markets be less than the beta of the developed markets?

As part of my research, I run regressions using market indices. I estimate the beta using a regression of MSCI country/region excess returns on the excess returns of the MSCI ACWI. Excess returns are returns minus the risk-free rate (which I take to be the T-bill rate). When running this regression, I found the following strange result. While the beta of China is less than 1, the beta of the USA and of Europe are greater than 1. Can anyone please explain this result?