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Nearly 4000 people have to leave their homes in mainland China's fifth largest city Tianjin after high-rise buildings started developing cracks. On June 3, a road burst open in Tianjin. Chinese authorities say there was a 'sudden geological disaster'.

Gravitas | China's growth cracks up: Exploding buildings and roads expose Xi's development lie

The Chinese city of Tianjin in the northern part of the country is wearing a deserted look these days. Thousands of people have left the city or been evacuated from the high-rise apartment buildings after land collapses created large cracks in nearby streets.

The Chinese city of Tianjin in the northern part of the country is wearing a deserted look these days. Thousands of people have left the city or been evacuated from the high-rise apartment buildings after land collapses created large cracks in nearby streets. Calling the incident a "sudden geological disaster", the Tianjin government in its initial inquiries found that the cracks were caused by underground cavities below a depth of 1,300 metres. According to a Reuters report, as of last week (June 3), a total of 3,899 residents from at least three 25-floor high-rise buildings were evacuated to nearby hotels. It was on May 31 that the cracks as wide as a fist first appeared on roads near residential complexes, "The situation is very rare," the city officials said when questioned about the developing situation at the time. Geological experts posit a theory Some geological experts asserted that the possibility "cannot be ruled out that the drilling activities of geothermal wells" may have encountered "deep geological structures, resulting in shallow soil erosion and subsequent phenomena such as ground subsidence in the affected area". "From May 31st to June 2nd, the initial development of ground subsidence was rapid, with varying degrees of impact on high-rise buildings along the street," read a Global Times report. After the buildings were evacuated, the authorities implemented a series of measures, including grouting, through which the subsidence of the ground and the high-rise buildings was slowed down significantly. The city has reportedly invited 20 experts from the Ministry of Natural Resources, Ministry of Emergency Management and Ministry of Housing and Urban-Rural Development. Additionally, more than 10 teams across mapping, monitoring, housing appraisal, and architectural design verticals from Beijing, Shanghai and Hebei have also been invited to carry out on-site monitoring work. WATCH | China paying billions of dollars to Cuba for electronic spy facility: Report | World News | WION' × Similar incident was reported in India The news of an entire city or town facing grave geographical threats has been the theme of the year. Earlier in January, a spiritual town named Joshimath in the northern Indian state of Uttarakhand witnessed land subsidence, forcing thousands to abandon their ancestral homes and leave for safer pastures. Also read | Joshimath sinking: Why is this town in India's Uttarakhand falling apart? Last month residents of Joshimath, who were displaced, took out a protest to attract the government's attention to the issue. (With inputs from agencies) WATCH WION LIVE HERE:

Deserted dystopia: Chinese city evacuated after cracks appear near high-rises

After a spate of recent Covid cases, the northern Chinese city of Tianjin is conducting mass Covid testing. The city has advised its nearly 14 million people to stay at home

China steps up its zero-tolerance Covid-19 strategy

The population of the Chinese city Tianjin is being rigorously tested after two Omicron cases were reported.

The first two cases confirmed in Tianjin were a 10-year-old girl and a 29-year-old woman working at the after-school center. Both were infected by the omicron variant.

In subsequent testing of close contacts, 18 others tested positive and 767 tested negative as of Saturday night.

The outbreak poses risks to Beijing and the upcoming Winter Olympics, because of the large number of commuters working and living in the two cities.

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According to the National Health Commission, the city emerged as a new area of concern after more than 20 Covid cases were reported there in the last few days, most of them imported from abroad.

Authorities have advised residents to stay at or near home to be available for the community-level nucleic-acid screening.&nbsp;

They have been told that until they obtain a negative test result, they will not receive a "green" code on smartphone Covid-tracing apps that nearly all people in China are now required to present when using public transport and in other situations.

Also read |&nbsp;<a href="https://www.wionews.com/world/wrongful-act-beijing-fines-7-eleven-for-calling-taiwan-an-independent-country-443367" hreflang="en">'Wrongful act': Beijing fines 7-Eleven for calling Taiwan an 'independent country'</a>

It comes after the local transmission of the imported Omicron variant was found in the southern city of Guangzhou.

China has already been struggling with a larger outbreak centred on the northwestern city of Xi'an that has sparked questioning of the country's zero-tolerance policy of strict lockdowns and immediate mass testing to curb outbreaks.

Chinese authorities have adopted draconian measures throughout the pandemic under their policy of seeking to stamp out every last case.

That “zero tolerance” policy, which has led to frequent lockdowns, universal masking, and mass testing, has not been entirely successful.

It has resulted in massive disruptions to travel and trade, but Beijing credits it with largely containing the spread of the virus.&nbsp;

(With inputs from agencies)

The population of the Chinese city Tianjin is being rigorously tested after two Omicron cases were reported. The first two cases confirmed in Tianjin were a 10-year-old girl and a 29-year-old woman working at the after-school center.

The population of the Chinese city Tianjin is being rigorously tested after two Omicron cases were reported. The first two cases confirmed in Tianjin were a 10-year-old girl and a 29-year-old woman working at the after-school center. Both were infected by the omicron variant. In subsequent testing of close contacts, 18 others tested positive and 767 tested negative as of Saturday night. The outbreak poses risks to Beijing and the upcoming Winter Olympics, because of the large number of commuters working and living in the two cities. According to the National Health Commission, the city emerged as a new area of concern after more than 20 Covid cases were reported there in the last few days, most of them imported from abroad. Authorities have advised residents to stay at or near home to be available for the community-level nucleic-acid screening. They have been told that until they obtain a negative test result, they will not receive a "green" code on smartphone Covid-tracing apps that nearly all people in China are now required to present when using public transport and in other situations. Also read | 'Wrongful act': Beijing fines 7-Eleven for calling Taiwan an 'independent country' It comes after the local transmission of the imported Omicron variant was found in the southern city of Guangzhou. China has already been struggling with a larger outbreak centred on the northwestern city of Xi'an that has sparked questioning of the country's zero-tolerance policy of strict lockdowns and immediate mass testing to curb outbreaks. Chinese authorities have adopted draconian measures throughout the pandemic under their policy of seeking to stamp out every last case. That “zero tolerance” policy, which has led to frequent lockdowns, universal masking, and mass testing, has not been entirely successful. It has resulted in massive disruptions to travel and trade, but Beijing credits it with largely containing the spread of the virus. (With inputs from agencies)

Two Omicron cases reported in Chinese city Tianjin, population of around 14 million being rigorously tested

The fifth China helicopter exposition was held recently in the northern port city of Tianjin. Attracting over 415 exhibitors from 18 countries and regions, it was the largest one ever held. In this segment of WION Wings, we show you some of the highlights of the expo.

WION Wings: Highlights of the 5th China Helicopter Exposition 2019

A road cable-stayed bridge with the world's largest and heaviest span on Tuesday completed its closure after being rotated into position in Baoding City, north China's Hebei Province, further facilitating the transport construction in Beijing-Tianjin-Hebei Region. The bridge, designed with two towers and of prestressed concrete, is to have eight lanes on its 39.7-meter wide deck. With the main bridge being 495 meters long and its span 240 meters, the bridge's total weight being rotated is 81,000 tons.

World’s heaviest cable-stayed bridge rotates into position

Five workers were killed and three injured in a factory explosion caused by a gas leak in eastern China, local authorities said Saturday.&nbsp;

The blast happened Friday night at a perlite workshop in Shandong province, city officials said in a statement.&nbsp;

All five victims were night shift workers inside the Qingzhou city factory during the explosion. Three others outside the workshop suffered mild injuries and are still in hospital under observation.&nbsp;

"The cause of the accident was initially found to be a liquefied natural gas leak, and the specific cause is under further investigation," the statement said.&nbsp;

A company official from the Yongli Perlite Plant has also been detained by local authorities, it added.

A perlite is a form of volcanic glass that it mined and processed, often used in horticulture, insulation and plastics production.

The incident came barely a week after one of China's worst recent industrial accidents, in which an explosion at a chemical plant killed 78 people and injured hundreds.&nbsp;

The powerful explosion in the eastern city of Yancheng toppled several buildings in the industrial park, blew out windows of nearby homes and even dented metal garage doors.&nbsp;

It prompted the State Council, China's cabinet, to order a nationwide inspection of chemical firms.&nbsp;

Deadly industrial accidents are common in China, where safety regulations are often poorly enforced.

In November, a gas leak at a plant in the northern Chinese city of Zhangjiakou, which will host the 2022 Winter Olympics, killed 24 people and injured 21 others.

Leaked chloroethylene came in contact with a fire source causing the explosion, authorities said in a February report that revealed the Chinese chemical firm responsible for the accident had concealed information and misled investigators.

In December, three students were killed in a blast at a Beijing university laboratory during a research experiment on wastewater treatment.&nbsp;

Last July, a blast at a chemical plant in southwest Sichuan province left 19 dead and 12 injured. It was later revealed the company had undertaken illegal construction which did not pass safety checks.&nbsp;

In 2015, China saw one of its worst industrial accidents when giant chemical blasts in the northern port city of Tianjin killed at least 165 people.

The explosions caused more than $1 billion in damage and sparked widespread anger at a perceived lack of transparency over the accident's causes and its environmental impact.

Five workers were killed and three injured in a factory explosion caused by a gas leak in eastern China, local authorities said Saturday. The blast happened Friday night at a perlite workshop in Shandong province, city officials said in a statement.

Five workers were killed and three injured in a factory explosion caused by a gas leak in eastern China, local authorities said Saturday. The blast happened Friday night at a perlite workshop in Shandong province, city officials said in a statement. All five victims were night shift workers inside the Qingzhou city factory during the explosion. Three others outside the workshop suffered mild injuries and are still in hospital under observation. "The cause of the accident was initially found to be a liquefied natural gas leak, and the specific cause is under further investigation," the statement said. A company official from the Yongli Perlite Plant has also been detained by local authorities, it added. A perlite is a form of volcanic glass that it mined and processed, often used in horticulture, insulation and plastics production. The incident came barely a week after one of China's worst recent industrial accidents, in which an explosion at a chemical plant killed 78 people and injured hundreds. The powerful explosion in the eastern city of Yancheng toppled several buildings in the industrial park, blew out windows of nearby homes and even dented metal garage doors. It prompted the State Council, China's cabinet, to order a nationwide inspection of chemical firms. Deadly industrial accidents are common in China, where safety regulations are often poorly enforced. In November, a gas leak at a plant in the northern Chinese city of Zhangjiakou, which will host the 2022 Winter Olympics, killed 24 people and injured 21 others. Leaked chloroethylene came in contact with a fire source causing the explosion, authorities said in a February report that revealed the Chinese chemical firm responsible for the accident had concealed information and misled investigators. In December, three students were killed in a blast at a Beijing university laboratory during a research experiment on wastewater treatment. Last July, a blast at a chemical plant in southwest Sichuan province left 19 dead and 12 injured. It was later revealed the company had undertaken illegal construction which did not pass safety checks. In 2015, China saw one of its worst industrial accidents when giant chemical blasts in the northern port city of Tianjin killed at least 165 people. The explosions caused more than $1 billion in damage and sparked widespread anger at a perceived lack of transparency over the accident's causes and its environmental impact.

Five killed in factory explosion in eastern China

Paulo Sousa has departed from his role as head coach of Tianjin Quanjian, the struggling Chinese Super League club announced on Thursday.

The former Fiorentina coach, who took over from Fabio Cannavaro last November, had been replaced on an interim basis by Shen Xiangfu with the club under threat of being drawn into a relegation battle with six games remaining.

Tianjin finished third last year in their first campaign in the Chinese top flight after Cannavaro won the second division title in 2016, but they are currently 13th in the 16-team standings.

The club qualified for the Asian Champions League for the first time but have struggled to juggle their commitments in both domestic and continental competition.

Tianjin lost in the quarter-finals of the ACL last month to Japan's Kashima Antlers and have also slid down the Chinese table, with a 3-0 loss against Chongqing Lifan on Sunday their fourth domestic game in a row without a win.

Tianjin, who travel to third-placed Shandong Luneng on Friday, are five points ahead of 15th placed Henan Jianye, with the bottom two clubs relegated at the end of the season.

Paulo Sousa has departed from his role as head coach of Tianjin Quanjian, the struggling Chinese Super League club announced on Thursday. The former Fiorentina coach, who took over from Fabio Cannavaro last November, had been replaced on an interim basis by Shen Xiangfu with the club under threat of being drawn into a relegation battle with six games remaining.

Paulo Sousa has departed from his role as head coach of Tianjin Quanjian, the struggling Chinese Super League club announced on Thursday. The former Fiorentina coach, who took over from Fabio Cannavaro last November, had been replaced on an interim basis by Shen Xiangfu with the club under threat of being drawn into a relegation battle with six games remaining. Tianjin finished third last year in their first campaign in the Chinese top flight after Cannavaro won the second division title in 2016, but they are currently 13th in the 16-team standings. The club qualified for the Asian Champions League for the first time but have struggled to juggle their commitments in both domestic and continental competition. Tianjin lost in the quarter-finals of the ACL last month to Japan's Kashima Antlers and have also slid down the Chinese table, with a 3-0 loss against Chongqing Lifan on Sunday their fourth domestic game in a row without a win. Tianjin, who travel to third-placed Shandong Luneng on Friday, are five points ahead of 15th placed Henan Jianye, with the bottom two clubs relegated at the end of the season.

Paulo Sousa leaves Chinese Super League side Tianjin Quanjian

Police in the north China city of Tianjin confiscated 600 computers used to mine bitcoin cryptocurrency after the local power grid operator reported abnormal electricity usage, Xinhua reported Wednesday.

"Eight high-power fans were also seized," Xinhua said, quoting local police and added that it was the "largest power theft case in recent years."

The report didn't say when the police had seized the equipment.

China was home to the majority of crytopcurrency mining operations before Beijing last year began to discourage it as part of a larger crackdown on bitcoin and other cryptocurrencies. It is unclear how much of mining activity has moved offshore or been shut down.

Reuters reported in January that China's central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production.

Miners use high-powered machines to generate the massive computing power to produce cryptocurrencies, which is done by solving mathematical equations.

The activity is also highly energy intensive, leading miners to seek locations with easy access to cheap electricity.

Five people are under investigation and another has been detained in the Tianjin case, Xinhua said.

China was home to the majority of crytopcurrency mining operations before Beijing last year began to discourage it as part of a larger crackdown on bitcoin and other cryptocurrencies.

Police in the north China city of Tianjin confiscated 600 computers used to mine bitcoin cryptocurrency after the local power grid operator reported abnormal electricity usage, Xinhua reported Wednesday. "Eight high-power fans were also seized," Xinhua said, quoting local police and added that it was the "largest power theft case in recent years." The report didn't say when the police had seized the equipment. China was home to the majority of crytopcurrency mining operations before Beijing last year began to discourage it as part of a larger crackdown on bitcoin and other cryptocurrencies. It is unclear how much of mining activity has moved offshore or been shut down. Reuters reported in January that China's central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production. Miners use high-powered machines to generate the massive computing power to produce cryptocurrencies, which is done by solving mathematical equations. The activity is also highly energy intensive, leading miners to seek locations with easy access to cheap electricity. Five people are under investigation and another has been detained in the Tianjin case, Xinhua said.

Police in Chinese city seize 600 computers used to mine bitcoin

A Chinese human rights activist was on Friday given a three-year suspended prison sentence for subversion, state media said, the fourth such case this week as authorities crack down on dissent. 
 
Christian activist Gou Hongguo had gone abroad to be trained in &quot;subverting state power&quot;, the Second Intermediate People&#39;s Court in the northern city of Tianjin said Friday on a verified social media account. He also sought to turn public opinion against the government and attempted to overthrow the socialist system, among a litany of other offences, it said. 
 
He was given three years in prison, suspended for three years, the official Xinhua news agency said, adding that he had pleaded guilty and said he would not appeal. 
 
The sentence is relatively light by the standards of dissident trials in China, where the courts are controlled by the ruling Communist party. Gou, who had protested against forced evictions, was one of more than 200 activists and lawyers involved in cases the Communist party considers sensitive who were detained in the so-called &quot;709 crackdown&quot;, named for its main date in July 2015. 
 
Gou&#39;s trial was the fourth at the Tianjin court this week&nbsp;and followed that of high-profile rights lawyer Zhou Shifeng,&nbsp;whose Fengrui law firm, known for taking on cases of dissident scholars, victims of sexual abuse and members of banned religious groups has been at the centre of the 709 crackdown. 
 
Zhou was on Thursday given seven years in prison for subversion. Activist Zhai Yanmin was on Tuesday handed a three-year suspended sentence for crimes that included waving banners and shouting slogans, while Hu Shigen, a Christian campaigner who was a member of the same underground church as Gou, was jailed for seven and a half years on Wednesday. 
 
Campaign groups have condemned the trials, and US State Department spokesman Mark Turner said the charges were &quot;vague and apparently politically motivated&quot;. 
 
&quot;It&rsquo;s troubling that Chinese authorities denied these defendants access to their chosen counsel and family members as well,&quot; he said. &quot;We urge China to release all the lawyers and activists who were detained on July 9th, 2015, and remove restrictions on their freedom of movement and professional activities.&quot; 
 
Authorities insist the Tianjin trials are open, with the court stating that about 40 people including politicians, legal scholars, and &ldquo;civilian representatives from all walks of life&rdquo;, as well as mainland and foreign media outlets, were present at Gou&#39;s proceedings. But family members of those detained, particularly their wives, complain of being constantly surveilled and forcibly being kept away from the court or barred from seeking further information. 
 
Gou&#39;s wife Fan Lili went to the courthouse earlier this week, falling to the ground outside the building weeping, saying she had not been informed of her husband&#39;s trial date and had not been allowed in. Watched by scores of police and plainclothes officers, she reportedly pleaded for him to come home and meet his 16-month-old son for the first time. 
 
(AFP)

Campaign groups condemned the trials. US State Department spokesman Mark Turner said they were 'vague and apparently politically motivated'

A Chinese human rights activist was on Friday given a three-year suspended prison sentence for subversion, state media said, the fourth such case this week as authorities crack down on dissent. Christian activist Gou Hongguo had gone abroad to be trained in "subverting state power", the Second Intermediate People's Court in the northern city of Tianjin said Friday on a verified social media account. He also sought to turn public opinion against the government and attempted to overthrow the socialist system, among a litany of other offences, it said. He was given three years in prison, suspended for three years, the official Xinhua news agency said, adding that he had pleaded guilty and said he would not appeal. The sentence is relatively light by the standards of dissident trials in China, where the courts are controlled by the ruling Communist party. Gou, who had protested against forced evictions, was one of more than 200 activists and lawyers involved in cases the Communist party considers sensitive who were detained in the so-called "709 crackdown", named for its main date in July 2015. Gou's trial was the fourth at the Tianjin court this week and followed that of high-profile rights lawyer Zhou Shifeng, whose Fengrui law firm, known for taking on cases of dissident scholars, victims of sexual abuse and members of banned religious groups has been at the centre of the 709 crackdown. Zhou was on Thursday given seven years in prison for subversion. Activist Zhai Yanmin was on Tuesday handed a three-year suspended sentence for crimes that included waving banners and shouting slogans, while Hu Shigen, a Christian campaigner who was a member of the same underground church as Gou, was jailed for seven and a half years on Wednesday. Campaign groups have condemned the trials, and US State Department spokesman Mark Turner said the charges were "vague and apparently politically motivated". "It’s troubling that Chinese authorities denied these defendants access to their chosen counsel and family members as well," he said. "We urge China to release all the lawyers and activists who were detained on July 9th, 2015, and remove restrictions on their freedom of movement and professional activities." Authorities insist the Tianjin trials are open, with the court stating that about 40 people including politicians, legal scholars, and “civilian representatives from all walks of life”, as well as mainland and foreign media outlets, were present at Gou's proceedings. But family members of those detained, particularly their wives, complain of being constantly surveilled and forcibly being kept away from the court or barred from seeking further information. Gou's wife Fan Lili went to the courthouse earlier this week, falling to the ground outside the building weeping, saying she had not been informed of her husband's trial date and had not been allowed in. Watched by scores of police and plainclothes officers, she reportedly pleaded for him to come home and meet his 16-month-old son for the first time. (AFP)

China puts activist on trial, 4th case in 4 days

China&#39;s policymakers and leading economists today voiced concerns about Britain&#39;s vote to leave the European Union, with the finance minister saying it has heightened market uncertainty, though some expect a limited impact on the Chinese economy. 
 
The &quot;Brexit&quot; decision &quot;will cast a shadow over the global economy ... The repercussions and fallout will emerge in the next five to 10 years,&quot; said Lou Jiwei, China&#39;s minister of finance, at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. 
 
&quot;It&#39;s difficult to predict now,&quot; he said. &quot;The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view.&quot; 
 
Stock markets around the world plunged in the wake of the referendum. Sterling&#39;s value also plummeted. 
 
Lou&#39;s views were echoed by the head of China&#39;s top economic planning authority and other economists at the World Economic Forum (WEF) in the northern city of Tianjin. 
 
&quot;For Chinese firms that are going to invest or carry out mergers, entrepreneurs are smarter than me, and they will definitely wait and see,&quot; Xu Shaoshi, chairman of the National Development and Reform Commission, said at WEF today. 
 
&quot;The Brexit incident wil affect China&#39;s economy via investment, trade and capital,&quot; he said. &quot;But I believe the impact will not be big and relevant government departments have made contingency plans.&quot; 
 
Huang Yiping, a professor at Peking University and a member of the central bank&#39;s monetary policy committee, said it is hard to judge the direct impact of the British referendum on China&#39;s economy. 
 
&quot;If (Brexit) is an important landmark in terms of a reversal of globalisation, I think that&#39;s very bad for the world, it&#39;s very bad for China,&quot; Huang said. 
 
Li Daokui, a professor at Tsinghua University and a former adviser to China&#39;s central bank, was more optimistic on the referendum&#39;s effects on the world&#39;s second-largest economy. 
 
&quot;China is perhaps one of the least impacted economies in the world by the event of Brexit,&quot; he told an audience at WEF. 
 
&quot;The only short-term impact I can think about is the exchange rate of the Renminbi ... But I do think within a few trading sessions that situation will very quickly be subdued,&quot; Li said. 
 
Also speaking at WEF was economist Nouriel Roubini, famed for predicting the global financial crisis, who said the decision to leave the European Union &quot;creates a whole bunch of financial, economic, political and geopolitical uncertainties.&quot; 
 
It could be the &quot;beginning of the disintegration&quot; of the bloc of countries, the euro zone or the United Kingdom, said Roubini. 
 
&quot;I don&#39;t expect a global recession or another global financial crisis,&quot; he added. &quot;I think the impact of Brexit is significant but not of the same size and magnitude of the one we had 2007 to 2009.&quot; 
 
Michael Falcon, CEO of Global Investment Management Asia Pacific at JP Morgan, said he expects more market volatility but doubts the vote will derail a global recovery. 
 
&quot;It is a shock, not a crisis, and so far markets seem to be handling this pretty well,&quot; Falcon said at the WEF conference. 
 
(Reuters)

The repercussions and fallout will emerge in the next five to 10 years, said Lou Jiwei, China's finance minister

China's policymakers and leading economists today voiced concerns about Britain's vote to leave the European Union, with the finance minister saying it has heightened market uncertainty, though some expect a limited impact on the Chinese economy. The "Brexit" decision "will cast a shadow over the global economy ... The repercussions and fallout will emerge in the next five to 10 years," said Lou Jiwei, China's minister of finance, at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. "It's difficult to predict now," he said. "The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view." Stock markets around the world plunged in the wake of the referendum. Sterling's value also plummeted. Lou's views were echoed by the head of China's top economic planning authority and other economists at the World Economic Forum (WEF) in the northern city of Tianjin. "For Chinese firms that are going to invest or carry out mergers, entrepreneurs are smarter than me, and they will definitely wait and see," Xu Shaoshi, chairman of the National Development and Reform Commission, said at WEF today. "The Brexit incident wil affect China's economy via investment, trade and capital," he said. "But I believe the impact will not be big and relevant government departments have made contingency plans." Huang Yiping, a professor at Peking University and a member of the central bank's monetary policy committee, said it is hard to judge the direct impact of the British referendum on China's economy. "If (Brexit) is an important landmark in terms of a reversal of globalisation, I think that's very bad for the world, it's very bad for China," Huang said. Li Daokui, a professor at Tsinghua University and a former adviser to China's central bank, was more optimistic on the referendum's effects on the world's second-largest economy. "China is perhaps one of the least impacted economies in the world by the event of Brexit," he told an audience at WEF. "The only short-term impact I can think about is the exchange rate of the Renminbi ... But I do think within a few trading sessions that situation will very quickly be subdued," Li said. Also speaking at WEF was economist Nouriel Roubini, famed for predicting the global financial crisis, who said the decision to leave the European Union "creates a whole bunch of financial, economic, political and geopolitical uncertainties." It could be the "beginning of the disintegration" of the bloc of countries, the euro zone or the United Kingdom, said Roubini. "I don't expect a global recession or another global financial crisis," he added. "I think the impact of Brexit is significant but not of the same size and magnitude of the one we had 2007 to 2009." Michael Falcon, CEO of Global Investment Management Asia Pacific at JP Morgan, said he expects more market volatility but doubts the vote will derail a global recovery. "It is a shock, not a crisis, and so far markets seem to be handling this pretty well," Falcon said at the WEF conference. (Reuters)

China's finance minister sees 'Brexit' heightening uncertainty for markets

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