Whoever said: “whatever goes up must come down,” was a genius. After climbing steadily since March, Chinese stocks are finally beginning to take a turn for the worst.

As the world’s second-largest economy, China’s growing pains has been having a rippling effect on countries most reliant on it.

The Chinese stock market has been plummeting over the past 3 weeks, and with that, the Australian dollar has also begun to suffer. 35% of Australian exports are consumed by China, making the AUD quite dependent on a healthy China.

But, let’s put the Australian Dollar aside for now. Some financial analysts are saying that the drastic fall of the Chinese stock market may be more dangerous to the global economy than the Greek exit.

The Shanghai Composite index – China’s main index – has fallen 34% in the past couple of weeks (from 5,166 to 3,421).

“Official media were trumpeting the markets’ rise,” said Mark Williams, a Capital Economics analyst, “and even suggested that skepticism about it reflected a lack of confidence in the leadership’s plans for economic reform.”