And the context is pretty bleak.

The way Credit Suisse sees it, the Chinese stock market, as shocking as its slide has been, is the least of the country's worries.

The real problem is that all of this turmoil is happening in the midst of a "triple bubble."

"In our view, China is in the midst of a triple bubble, with the third-biggest credit bubble of all time, the largest investment bubble (proxied by the investment share of GDP) and the second-biggest real-estate bubble," Credit Suisse analyst Andrew Garthwaite wrote in a recent note.

"This is occurring against a backdrop of near record producer price deflation, near record low growth in bank deposits (the main source of internal liquidity), FX outflows (the main source of external liquidity), and falling house prices (with property accounting for the majority of household wealth)."