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"Central banks can act quickly to help ease the tightening of financial conditions by injecting liquidity and cutting interest rates, thus preventing a possible credit crunch," said Tobias Adrian, an official at the International Monetary Fund. "In fact, markets have been anticipating aggressive easing by central banks, as reflected in the sharp fall in sovereign bond yields in many countries around the world.

"But the outlook will be more challenging this year as banks are asked to lend more to private enterprises and at lower rates," she said.

"China has a population of 1.4 billion, with 4 million new cancer cases arising annually, but around 90 percent of innovative and patented cancer drugs in China are imported, and highly-priced," he said.

"China pays close attention to the situation in Venezuela and supports the Venezuelan government in its efforts to safeguard its national sovereignty, independence and stability," said Wu Haitao, China's deputy permanent representative to the UN, at a Security Council emergency meeting on Venezuela.

"But that does not mean demand will be wiped out, it is just a temporary delay," Wang said.