China's economy officially grew 7 percent in the second quarter, which would be the slowest full-year rate since 1990. And many analysts say the latest figure for the world's second-largest economy was vastly overstated.

Meanwhile, China's stock market is in freefall, with the Shanghai Composite Index dropping 29 percent since June 12.

Many experts say China's trouble could turn into the world's trouble, as many nations are dependent on exports to and investment from China.

And it's not as if global growth is going great guns in the first place.

"We need all the growth we can get. A slowdown in China wouldn't help," David Joy, chief market strategist at Ameriprise Financial, told CNNMoney.

With 40 percent of revenue for S&P 500 companies coming from overseas, China's slowdown could hurt blue-chip stocks.

Last week, United Technologies lowered its earnings forecast thanks to China's difficulties. "The slowdown in China is worse than we had expected," the company's CFO Akhil Johri, told analysts in a conference call.

As for China's stock plunge, investors in U.S. equities needn't worry, says Liz Ann Sonders chief investment strategist with Charles Schwab.

"The recent rout in the Chinese stock market is yet another brick in the (Great) Wall of Worry the stock market generally likes to climb," she writes in Barron's.

So what is the connection between U.S. and Chinese stocks? "The correlation is low to non-existent," Sonders says.

"Chinese equities are one of the least correlated markets in the world. When looking at daily percentage point change, there is no relationship between onshore A-shares traded on the Shanghai Composite and US equities, according to Bespoke Investment Group."

China also remains a small market overall for U.S. companies, Sonders notes.

But Jeremy Warner, assistant editor of The London Daily Telegraph, doesn't take China's stock market's drop lightly.

"While all Western eyes remain firmly focused on Greece, a potentially much more significant financial crisis is developing on the other side of world," he writes.

"In some quarters, it’s already being called China’s 1929–the year of the most infamous stock market crash in history and the start of the economic catastrophe of the Great Depression."

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