Brexit's impact to be felt in long term, says China's vice finance minister

HANGZHOU - Brexit is among the uncertainties weighing on global economic growth, and its impact is yet to be fully released, China's Vice Finance Minister Zhu Guangyao said Friday.

The global financial market has experienced major swings in the wake of the outcome of Britain's referendum to leave the European Union (EU) but has managed to recover soon, Zhu said at a press conference in the run-up to the G20 summit in eastern Chinese city of Hangzhou.

That quick recovery, according to Zhu, underscores the growing resilience of the world's financial market and the continued progress the G20 has made in global macroeconomic policy coordination and financial market regulation and governance.

"But the recovery does not mean the Brexit's impact is over and it will continue to be felt in the mid and long term," Zhu warned.

Zhu expected the formal process for Britain to leave the EU in accordance with the Lisbon Treaty to be carried out in a steady manner and hoped Britain and the EU remain partners in the future.

A communique released after the meeting of G20 finance ministers and central bank governors in July said members of the G20 are well positioned to proactively address the potential economic and financial consequences stemming from the Brexit vote.