The Shanghai Stock Exchange Composite Index is down 19% in the past 2 weeks. It was up about 50% from the beginning of the year until 2 weeks ago. It's still up 100% in the last 12 months. I'm not sure what this volatility means. I point out that this index crashed starting around October 2007 and bottomed around October 2008, so it was a leading indicator for the US markets in the previous crash.
Chart
_https://finance.yahoo.com/echarts?s=000001.SS+Interactive#{"range":"10y","allowChartStacking":true}
Chart
_https://finance.yahoo.com/echarts?s=000001.SS+Interactive#{"range":"10y","allowChartStacking":true}