The MSCI China Index (tracking Chinese stocks like Tencent and Alibaba) has dropped over 20% from its peak on October 2 last year. Technically speaking, a '20% drop' means it's entered a bear market. Currently, Chinese stocks are mainly internet and e-commerce companies, which are closely tied to the collapse of domestic demand in China. I'm also curious, if people don't have money to spend, will they tighten their belts and start investing instead?