http://www.slate.com/articles/business/moneybox/2015/07/china_stock_meltdown_why_its_actual_economy_will_be_just_fine.html

Yale historian Jonathan Spence once famously posited that since the times of Marco Polo, the West has invariably seen China through the same lens that it sees itself. As global equity markets swoon in response to the recent meltdown in Chinese stocks, these deep-rooted biases are in play once again. The Western version of China has darkened out of fear of asset bubbles, excess investment, and debt overhangs—precisely the same imbalances that have afflicted the major economies of the developed world over the past two decades. The truth is far less bleak.