Estimates suggest there were 37,000 preventable hospitalizations in June and 76,000 in July, at an average cost of $20,000 per patient.

"The trick is not to see each thing that China says or does as an independent development. It's all a piece of a bigger puzzle," according to JPMC.

Even as the Fed considers tapering asset purchases and raising interest rates, its improved communications make a 2013-like market response unlikely.

Applicants may now face 20 additional questions, and it remains unclear whether regulators will ultimately sign off on new offerings from Chinese firms.