This is not to say that dangers don’t lie ahead for China’s continuing economic transformation, nor that everything is currently healthy and balanced in the world’s second largest economy. China remains a developing nation faced with massive challenges. And, beyond that, China realises that all advanced economies eventually come to rely on their stockmarkets to power economic growth and that these economies learn to live with that market’s vicissitudes. As long ago as 1966 Paul Samuelson had famously quipped that Wall Street predicted 9 of the last five recessions in the US. China will have to resign itself to that kind of behaviour too, or come up with some alternative formula for finance and economic performance.
But all in all, this most recent China stockmarket experience is just a fluctuation that, both in its wider implications and in the cold light of recent historical experience, registers to be far from dramatic.