These Two Charts Show Why Everyone Is Watching Chinese Data

We just saw that the Chinese economy expanded 7.7% on the year in the fourth quarter of 2013. GDP was up 1.8% quarter-over-quarter.

GDP growth was up 7.7% in 2013, the lowest level since 1999.

Economists have for sometime warned about a slowdown in China. And this is of course terrible news for Australia. Dylan Grice has previously described Australia as "a credit bubble built on a commodity market built on an even bigger Chinese credit bubble, Australia looks like leveraged leverage, a CDO squared."

Grice was pointing out that Australia relies on China to consume its exports in a massive way. But it isn't just Australia that's watching the slowdown in China.

Bloomberg chief economist Michael McDonough tweeted this chart that shows the percent of country's total exports consumed by China:

He also tweeted this chart that shows the countries most dependent on China for their exports: