World could face new economic crisis: Chinese diplomat

Chinese State Councilor Yang Jiechi (C) greets attendees while posing for a group photo at a meeting of G20 representatives in Beijing, on January 14, 2016China’s top diplomat warned on 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. 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.

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