I am reminded of this photograph from Shanghai
I think this is the key question about China. We might consider the recent crash of stock prices to be a mere correction, a minor stumble on the People's Republic's march to the glorious workers' paradise of capitalism. Or it might be the beginning of a crash that dwarfs the US in 2008 or the rest of East Asia in 1997.
I think it depends on whether the twin office tower in the background of the photo has tenants. If the shock of not everything always going up up up kills the Chinese confidence fairy we are in trouble.
If the people not personally bankrupted decide it was no big deal which has nothing to do with them, we will be OK for a while.