China has called for a new economic world order in response to America's ongoing debt ceiling crisis.

A Chinese government news agency said it was time for the world economy to be "de-Americanized".

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: