In some ways it's nice to see the Chinese bubble finally burst. We saw it coming ten years ago with those crazy huge, empty, uninhabited cities. The Chinese thought they could do the same thing with a virtual Chinese stock market but now it's crumbling.
Their stock market has been pummeled the last couple of months and now 45% of Chinese companies are pulling out of the market and stiffing Chinese investors. The Chinese government wanted to stimulate their stock market so they allowed margin accounts for unsophisticated Chinese investors who now lost their proverbial shirts. It's a sore lesson for those investors many of which were low middle class, taxi cab drivers, etc. The Chinese government hasn't been unsuccessful in slowing the decline.
The scary thing is what happens to the world economy when Chinese consumers slow iphone purchases, quit eating at American restaurants (KFC, Taco Bell,..), buying American cars (GM, Ford, Tesla,...). Over here it's the start of another earnings report season and it was already looking poor for many American companies. Now we can add a crashing Chinese stock market to it.