The news out of China, bad or good, just doesn't seem to have as much bite anymore.
Sure, downbeat Chinese economic data on the first day of trading in 2016 ignited a global market sell-off. But as the year has worn on, the impact is diminishing.
China now has the most billionaires despite the country's economic slowdown, stock market plunge and crackdown on corruption, according to a China-based wealth research firm.
HSBC has cut its end-year targets for China stock index by 14-18 percent as earnings forecasts fell. The good news? Stock may still finish higher from current levels.
China should allow its currency to appreciate in order to support the country's transition from an export and investment-driven economy to one led by consumer spending, analysts told CNBC on Tuesday.
The recent and dramatic upheaval in the Chinese economy has shaken many Western investors and signaled greater business risks in the Middle Kingdom.
Though it has received far less attention, another more ominous sign of trouble is the "disappearance" of senior executives from at least 34 Chinese companies over the last year. On Jan. 7, billionaire Zhou Chengjian, the Chairman of Metersbonwe, one of China's leading clothing companies, vanished. The company issued a statement saying it was looking into reports that he had been picked up by the police. Ten days later, he returned to work along with Tu Ke, the Company's Board Secretary.
As analysts and investors eye prospects for Apple stock, many are drilling down on the company's sales and earnings prospects in China, its biggest overseas market.
On Wednesday, the company's stock was down as much as 5 percent, a day after the tech giant reported disappointing sales of the iPhone and the slowest year-over-year growth ever for the blockbuster device. That news raised a red flag, since those sales account for two-thirds of Apple's total revenue.
Lift the hood on China's economy and you'll find low-end manufacturers churning cheap exports bound for global store shelves. The state-owned industrial sector has undergone major consolidation. And China is no longer a low-cost country, as labor costs edge higher.
Markets are getting China and oil all out of proportion, and should remember that near-7 percent growth is a good thing while cheap oil stimulates consumption, according to two top strategists.
Huge U.S. investor State Street Global Advisors predicts a plethora of problems will push China's growth down to below-consensus 6 percent in 2016.
State Street's Asia Pacific head of investments, Kevin Anderson, told CNBC's Squawk Box on Wednesday that "China has just got a lot of things to deal with next year."