Joint efforts urged to maintain economic stability

(China Daily)
Updated: 2008-10-14 07:03

WASHINGTON: The international community should strengthen cooperation to maintain global economic stability, a senior Chinese financial official said on Sunday.

Li Yong, vice-minister of finance, also urged developed countries to adopt responsible policies for world macro stability.

"The international community should jointly strive for world economic stability," he said in a statement at the 78th Development Committee of the World Bank and the International Monetary Fund.

Li Yong

"The policy responses should not only effectively address the present crisis, but also take into account long-term interests, as well as their impact on the international macro environment," he noted.

Major developed countries should maintain the stability of the value of international reserve currencies and ease global inflationary pressures, Li said.

The international community should also be vigilant against possible deflation caused by a slowdown of the global economy, he added.

Meanwhile, developing countries' efforts to maintain stable growth should be supported by the international community, Li said, adding that developing countries are "a strong force in global efforts to contain a worldwide recession".

The economic stability and social security of the developing world is an important part of the solution to the present crisis, and is vital for achieving long-term growth and development of the global economy, Li said.

The World Bank Development Committee was established in 1974 to advise the boards of governors of the bank and the fund on critical development issues and on the financial resources required to promote economic development in developing countries. The committee usually meets twice a year.

Xinhua