China: Time to 'de-Americanise' world economy

China has said it is time for the world economy to be "de-Americanised", in response to the ongoing US debt-ceiling crisis.

Earlier, the head of the World Bank warned that an American government debt default would have a particularly serious impact on developing countries.

The US Treasury will run out of cash to pay the country's bills, if there's no agreement to increase the debt ceiling.

Jim Yong Kim, the President of the World Bank, says a decision needs to be made.

"We are now five days away from a very dangerous moment," he said.

"I urge US policymakers to quickly come to a resolution before they reach the debt ceiling deadline.

"The closer we get to the deadline the greater the impact will be for the developing world."