The last time I have experienced such a deep level of negative news and so severe an impact on markets was in the second half of 1997, during the Asian financial crisis (which I experienced first-hand in Hong Kong).
This month I attended the UBS Greater China Conference in Shanghai to hear first-hand from experts and world leaders.
Remember that equity market crashes occur when investors overestimate returns and underestimate risks. Market valuations are attractive, expectations are very low, and an awful lot of bad news is priced in.
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