After three decades of explosive growth, China's economy is slowing, sending jitters across global financial markets.
So if China stumbles into a hard landing, how bad will the rest of the world fall?
According to HSBC economist, Frederic Neumann, a slowdown in the Chinese economy is "not exactly the end of it all."
Possible clues to China's fate could be gauged from how the world reacted to Japan's economic malaise, he reckons.
At the end of the 1980s, Japan's contribution to global gross domestic product was about the same as China does today.
While the Japanese economy has failed to muster meaningful growth since then, the world "sailed on with barely a blip in the 1990s" after Japan's boom and stumble in the decade before, Neumann noted in a report.