A bleak year for the BRICS.
Shares in countries once among the fastest-growing on the planet tumbling on lower growth prospects and a global emerging markets rout.
But come the second half of the year, China's economic prospects are brightening.
Manufacturing surveys show a pickup in demand.
Exports are beating forecasts.
And factory output is growing at its fastest pace this year.
All while inflation looks under control.
(SOUNDBITE) (English) REUTERS REPORTER, TARA JOSEPH, SAYING:
"Investors were worried that China was slipping into a steep downturn, which as the world's second largest economy would have a dire global impact."
But in a country where one party can take unilateral action, here are a few quick fixes taken that may have averted crisis.
Boosting railway investment, public housing construction, policies to help smaller companies with financing needs.
The moves have reassured investors China's new leaders won't tolerate growth sliding too far in their pursuit of reforms.
But the warning signs haven't vanished completely.
Retail sales growth is stagnant, with many vendors unconvinced the slowdown has bottomed out.
And worries about out of control lending continue to haunt the financial system.
China's government may have to jump in yet again before the emerging market jitters disappear.