China’s recent stock market turbulence and currency devaluation has attracted enormous attention from around the world—with a disproportionate amount focused on whether we are seeing the end ofChina’s growth story.

True, many people lost a lot of money (though doubtless some also made a lot) and the reputation of the country’s economic managers has been badly damaged. The aftermath resulting from the meltdown will likely continue to be felt for at least several months, particularly by those private sector companies which have had to shelve plans to raise funds via initial public offerings.But unlike the global financial crisis of 2008, which resulted in a worldwide slowdown,China’s economic fundamentals are not shaky: its GDP growth is slowing, but a hard landing looks unlikely.

Certainly this is what the government appears to believe.