Still, it has done the trick of stopping the share collapse. The Chinese are struggling to allow stock market trading into their retail trading base. Much like we do with AIM etc, the propensity for the newbies to get robbed is high and as a Communist state this has some downsides.
They seem to have licked it for now and the impact on the UK is minimal, far less than a Grexit or indeed huge EU bailout of Greece could be,
In time China will go pop big time. The Government have decided to print money at an alarming rate to keep up the growth profile. The money is printed in the back of the $5 trillion of US Dollar T-bills that the US is never going to redeem. They are merely playing the game according to the rules they have learned.
Of course, this leads to massive over-investment and poor investment choices, as well as rampant asset inflation. All in all, a disaster, but the underlying strength of economic growth will provide a big shock absorber. The rise of the US did not stop in 1929, neither will China's crisis in 2015.