World Could Face New Economic Crisis: Chinese Diplomat

Manila Bulletin, January 14, 2016 | Go to article overview

World Could Face New Economic Crisis: Chinese Diplomat


Beijing, China -- China's top diplomat warned Thursday that a new global financial crisis was possible as markets suffer a painful rout at the start of the year, partly over fears of turmoil in the world's second largest economy.

"It is not possible to completely discard the possibility that an economic crisis could once again take place, and the problem should not be neglected," said State Councillor Yang Jiechi.

"We live in an era of constant changes and intense transformations," he added. "The opportunities are unprecedented, and so are the challenges."

Speaking at a meeting of G20 representatives in Beijing in the run-up to September's summit in the eastern city of Hangzhou, Yang recalled how the forum's members had worked together to bolster confidence following the global crisis of 2008.

"Preventing or reducing negative effects from countries' domestic policy measures," was a "pressing task", Yang said, in a possible reference to rising US interest rates.

The G20 "resolutely opposes" protectionism, he added.

Asian stock markets resumed their slide Thursday as the Shanghai and Shenzhen bourses opened sharply lower following a sell-off on Wall Street as worries about the Chinese economy persist.

By the break, the benchmark Shanghai Composite Index had slid 1.09 percent, to a level lower than the depths of the mid-2015 market rout. …

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