Analysis: Andrew Walker, BBC World Service economics correspondent
China's market has rebounded, so sighs of relief all round?
Some argue, it is a typical August market flap, and calm was always going to return when the grown-ups are back from their holidays. Well, maybe.
But this episode is a reminder of how important China is to the global economy and of the fact that it is slowing down.
The rest of us really do need China to achieve a smooth transition to a slower and more sustainable growth rate.
Two figures to underline the need for more moderate growth: the average over the last three decades was 10%, and investment has been more than 45% of national income, or GDP, every year since 2009.
Neither can last indefinitely. The hard bit is getting to a new path without tripping up on the way.