Economist Chris Butler, while pointing out China’s importance in the global economy, dismissed claims that this week’s market struggles can be blame solely on declining Chinese stocks.

He told Chris Stigall that there are many other factors that need to be taken into account when assessing the entire nation’s economy.

“To blame all of what’s happened in our market over the last four days on China is a little naive. You have to remember, during all of that, oil was dropping like a sack of hammers and I think that also, for whatever reason, is causing fear in US markets as well. I’m not thinking that if China gets fixed our market suddenly starts making new highs.”