Financial analysts are saying that China’s stock market decline could be the Chinese version of America’s 2008 financial crash.

American analyst, Jim Cramer, host of Mad Money says: “So we are China, whether we like it or not. Let’s stop kidding ourselves.” Cramer believes that just like the American crash of 2008 caused global upheaval, the China crash is equally frightening.

Chinese regulators have already taken several emergency measures to stop the tumbling of prices, to no avail. The regulators have bought up $250 billion of equities and have been granted credit to buy up another $450 billion if need be.

“They have got themselves into a very difficult situation,” says Mark Williams, chief Asia strategist at Capital Economics. “They have put a lot of credibility on the line to shore up prices and this credibility has been badly damaged.”

“Large parts of the market are closed,” said another economist, “and those stocks that are still trading are selling off regardless of support measures. Clearly something very serious is happening.”