By Marcus Leach

As genuine fears of a global economic recession started to become a reality with stock markets throughout the world suffering heavily, Chinese Foreign Minister Yang Jiechi urged all countries to co-operate to boost the global economy's recovery.

Mr Jiechi went on to say the cooperation was essential to reform the faltering international financial system amidst fears of continuing sovereign debt risks in both the US and Europe.

"The global economy is slowly recovering, but the situation is still complex with many uncertainties," Yang told a Polish news organisation.

"Developments continue with Europe's sovereign debt issues and the risk of a U.S. sovereign debt default has risen."

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