The abrupt decline in the Shanghai stock market, following speculation that China may introduce a capital gains tax on shares and expectations of tighter monetary policy in China propelled the sell-off to gain momentum. Fortunately, these periods of increased risk aversion and sell-offs in riskier assets, including emerging markets, have been relatively brief with markets rebounding soon thereafter.
This can most likely be ascribed to the fact that many regions, with the exception perhaps of the US, are experiencing much improved and healthy growth environments, driven to a significant degree by China and India.