Risk of overheating ... uncertainties in the Chinese economy could have damaging consequences for Australia. Illustration: Karl Hilzinger.
Will Australia's dependence on China's growth come at a cost? Some analysts say there are worrying signs. BHP Billiton's recent stunning financial results announcement - an after-tax profit of more than $22 billion in the year to June, the largest corporate profit ever recorded in Australian history - has skittish investors wondering whether the China story might, in fact, have many more years to run.
At a time of intense financial volatility, with economies in trouble in many countries, such an outcome would be welcome news for our markets.
For it is our fast-growing exports to China, along with that country's decades-long run of good economic growth (see charts, right), that have provided support for our economy over many years.