"I think China is more psychological than real in terms of its impact on the U.S. market," said Marc Chaikin, CEO of Chaikin Analytics.
In contrast to lower GDP growth in China—the IMF expects a decline to 6.3 percent in 2016—the United States is on track for a rise to 3 percent growth next year.
Those projections and generally improving economic data in the States set a backdrop for fair valuations in U.S. equities that many analysts believe could still rise in price.
"Ironically if the Fed decides to raise interest rates and the bias is, the economy is strong, after initial reaction … that could push the market higher because it would take uncertainty out of the market," Chaikin said. "It could be that's the stimulus needed to move the markets to new highs. The earnings aren't going to do it."
While the negative effects of the China slowdown are all over U.S. corporate earnings reports this season, Kleintop said those issues are due more to firms' structural issues than problems in China itself.
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Caterpillar attributed part of its 18 percent year-over-year decline in sales to the economic slowdown in China.
But Starbucks noted an 11 percent increase in China/Asia Pacific same-store sales, and Apple saw 112 percent year-over-year growth in the greater China region.
The gains for the two popular brands come as China attempts to shift from an export-focused, manufacturing base to a consumer-driven economy. That transition will likely cost the country a knock-down in its overall headline GDP figure, but analysts say the new kind of growth is more sustainable.
In a presentation two years ago about global demographics in 2030, the World Bank said it expects China to add about one billion people to the middle class. That demographic shift creates a large market for services that is growing but still largely untapped.
"There's still money to be made, not only in the consumer sector (but also in) financial services," said Mandel said.
Overseas, increased Chinese spending power translates into tourism growth and luxury spending. Analysis by Chinese data firm Wind Information found that consumption patterns rose regardless of stagnating GDP growth.
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And U.S. firms such as Starbucks and Apple stand to remain beneficiaries if they can continue to tap into those expanding wallets.