4.  A hard economic landing in China

china stocks stunning stats

China is said to have carried the world out of the Great Recession. Now there's concern it could spark the next global recession.

Growth slowed to 7% during the first half of 2015 and economists polled by CNNMoney believe it will dip to 6.5% next year.

The worry is that policymakers aren't able to guide China to a so-called "soft landing" and growth collapses more quickly. A "hard landing" would have global ripple effects because China's economy is now the world's second-largest and it is a major trading partner for many countries.

That's one reason why investors have been spooked by China's stock market crash, which has stabilized in recent days. There's a fear that the extreme equity turbulence is more than a bubble popping and is actually an early warning about China's economy.

Related: Is China cooking its books?

First published July 20, 2015: 12:43 PM ET

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