I look at that World Markets link every morning before the open. That was pretty spooky this morning. The Germans, the Canadians... everybody was spooked.
My understanding is that the reduction in GDP gains for China is as much the concern as their stock market. The mfg numbers in particular. If so, I think it would make sense to look at those numbers for (India + China) and see if that is as disturbing. If the net is just a shift toward India, then why should the world freak? Feel bad for China, but why freak? That is... if that sum shows a nicer chart.