How to brace your portfolio for a hard landing in China

China bulls used to deny that any sort of economic slowdown was possible for the country. Once it became clear that the economy was indeed slowing down, the bulls said it would be a ‘soft’, well-managed landing. But now that the landing is looking a lot harder than they’d expected, the bullish argument is that there will be a rebound in the second half of 2012. However, the latest data suggests there’s little hope of that either. So just how hard will China fall? And what does it mean for your money?