China is slowing. Repeat, China is slowing. Is China's annual growth going to fall below 7.5 percent? Can the economy continue to function at 7 percent? Dare we ask what would happen if the economy slows to 6.5 percent? Won't the wheels come off if it slows any more?

If you talk to a portfolio investor, it seems that China has no way out. The argument is that, since China has too much debt that needs to be repaid, a slowdown is not an option because slower growth means less revenue that can go toward paying back debt.

On the other hand, if the country keeps growing fast, it will only add more debt that can't be repaid, as each additional yuan invested becomes less productive. It presents a sort of "damned if you do, damned if you don't" scenario.