A rabbit and a Tiger cub in China. Reuters/China Daily China's volatile stock market has been front and center over the last few weeks.

So, naturally, many analysts are now worried a hemorrhaging stock market means that China's economy is on the precipice of collapse.

However, the Middle Kingdom is not necessarily doomed.

As Charles Schwab's Jeffrey Kleintop points out, there has been "no discernible relationship" between China's mainland stock market, the Shanghai Composite, and the growth in its economy.

"Fortunately, the signal being sent by the Chinese stock market crash can probably be discounted based on history. While in many countries the stock market can rightfully be considered a leading indicator of the direction of the economy, that has not been the case in China," according to Kleintop. "This can be seen statistically, in the zero correlation between them over the past 20 years."

Still, that doesn't mean that China's growth will necessarily continue to skyrocket.

"China's growth may slow again in 2016, but is unlikely to experience a 'hard landing' such a growth being cut in half from the 7% GDP reported growth rate for the first half of 2015," he added. "Another year of modest decline in China's growth rate is likely to be the result of slowing manufacturing activity balanced by a more sustainable composition of internal growth."

In any case, check out the chart below, showing the relationship between the Shanghai Composite and China's annual GDP growth: