A new global economic crisis may be brewing, says top China official

Beijing

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