China’s quarterly GDP number is out today.
The rate at which China’s economy is growing is one of the most important data points in the global economy because it has been the truck to the rest-of-world trailer over recent years.
China’s demand for what everyone else is selling is critical to a huge number of countries. Michael McDonough, chief economist at Bloomberg LP, just tweeted this stunning chart showing just how much Australia relies on China above everyone else, with just over 30% of our exports going there.
But as McDonough noted, it’s “not just Australia paying attention to China’s data”.
So it’s not just here in “China’s quarry” that folks pay a lot of attention to its rate of growth; some of the world’s biggest economies also have vast chunks of their export trade tied up in it.