The recent wave of de-risking has been painful for markets, but for some longer-term investors, China's fundamentals do not indicate crisis.
"At this juncture, it is also helpful to remind ourselves that China is undergoing a major rebalancing of its economic makeup. As a residual of this process, it is clear to us that there will be certain growth headwinds," said Neuberger Berman's China equity fund manager, Frank Yao.
He forecast "more sustainable, quality-oriented growth" over the longer term.
"Against this backdrop, there has not been a material change to our views at the company-specific level," Yao added.
Similarly, chief investment officer at Franklin Templeton Investments, Michael Hasenstab, has retained his investment thesis for Asia following the major moves in markets.
"When we look at how much market panic there has been, one might be under the impression China is headed full speed into full-blown recession," he said.
"That is not our call. While we do expect moderation in China's growth, we continue to see it as healthy and an inevitable normalization for an economy of its size."