Decoupled? As Time Price wrote in a recent letter, "...its [China's] stock market hasn't exactly couple, more like entered a suicide pact."
Fundamentals have become increasingly subjective, as is their want in times of volatility and bear market conditions. Most investors are net buyers, bulls at heart, leaving the short side open mainly to professionals. As a result they are either in and holding losing positions, convinced that they are "fundamentally" sound, or they are out of markets, often in cash and overtly bearish. Fundamentals fall victim to sentiment. Fundamentals are a dangerous thing in bull market conditions, the same logic can also deepen losses when the market turns.
Ask an investor like Buffett about fundamentals and he won't give you a story about the growth of the middle class in China or urbanisation. He will talk about cash flow, conservative gearing, yield, dividend coverage. A blue sky uranium miner talking about power shortages and the potential for new nuclear power stations in China and India, whilst dressing these projections up as fundamentals, is still just blue sky.
If you have to be in the market be sure that you are looking at a potential three year pay-off for investments made now. With further potential for fiat currencies to weaken, gold (despite its lack of utility) is surely a safe bet in the same time frame. Property, especially the UK, has to come off at least 25% or stay stagnant for years to become affordability.
Tread carefully and beware the broker on the phone talking about fundamentals.