GOLDMAN: Here's What Our Clients Worry About The Most

Goldman Sachs met with and surveyed 2,000 clients in Hong Kong and Tokyo last week.

"Three items dominated among a list of global macro concerns," said Goldman's David Kostin in his US Weekly Kickstart note. "China/EM credit risks ranked at the top of the list with 31% of participants noting it as a leading concern. Fear of asset bubbles from easy monetary policy (20%) and secular stagnation or prolonged low growth (20%) also garnered large responses. Other issues cited less frequently included deflation or undesirably low inflation (12%), political/military conflict (10%), inflation (4%), and a resurgence of financial stress in Europe (3%)."

China has been making moves to reign in its loose credit markets, which most economists believe will slow the economy. However, the primary concern is that this will be disorderly, causing the economy to decelerate much more sharply than anyone expects.