It's needed. This could be the catalyst to a correction. I don't see how Evergreen will spill over to international markets in any mass. China has boxed themselves back into a government corporations so the Chinese State run banks financed the Chinese controlled corporation so it's all really quite self contained.
This is likely just the excuse to start a broad correction. The last few attempts at corrections weren't healthy ones but just buy the dip fuels for the next run. Some fear in the market would be really healthy.
Meanwhile, I'm trying to hold my breath on my Didi investment. I've still got about 40% of my intended investment ready to buy a big dip. I'm either going to get some needed tax writeoffs or a big payout on this one. I literally have zero expectations for anything in between.