The GP talked about how it would affect the rest of the world and P responded to that. It wasn't any sort of discount on the suffering many Chinese persons might feel if significant financial loss is incurred through a dramatic correction of the market.
Your comment makes me wonder how stock ownership is distributed amongst the Chinese population. Are these losses borne mostly by wealthy speculators, or are retirement funds and small investors caught up in this? An index fund is an unsophisticated type of hedge, but it doesn't work very well if there's widespread accounting corruption.
