Sentiment is roundly negative regarding China, and yet emerging markets and global basic materials have seen some inflows in recent weeks. Note the massive, five-year symmetrical triangle on the FXI chart below, that appears to be coming to a head.
One thing to note about China–It already crashed in 2008. Just as the dot-com bubble reached out and priced in years of growth, the China crash in 2008 was so ferocious that it likely reached out and discounted years of ghost cities, phony government numbers, etc..
Thus, I am inclined to look for downside to be very limited here.