China tells US to avoid debt crisis for sake of global economy

China has urged the United States to avoid debt crisis for sake of global economy.

A senior Chinese official 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.

According to the BBC, he asked that 'the US earnestly take steps to resolve' the issue.

Zhu said that the executive branch of the US government has to take decisive and credible steps to avoid a default on its Treasury bonds.

He said that it is important for the US economy as well as the global economy.

He added that the United States fully understands the lessons of history, referring to a similar deadlock in 2011 that led to a downgrade of the US 'AAA' credit rating, the report added.