China Warns US Over Possible Default

American fiscal crisis would hurt the Chinese economy

A senior Chinese official has warned that the "clock is ticking" to avoid a US default that could hurt China's interests and the global economy.

China, the US's largest creditor, is "naturally concerned about developments in the US fiscal cliff", vice finance minister Zhu Guangyao said.

Washington must agree a deal to raise its borrowing limit by 17 October, or risk not being able to pay its bills.

He asked that "the US earnestly take steps to resolve" the issue.