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.

“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.

A senior Chinese official said on Monday that China will continue to cooperate with other countries to cope with the current financial crisis.

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“For the international community, the most urgent task is to join efforts to stem further deterioration and spread of the crisis — the major threat to global growth — and restore global economic and financial stability,” said Yi Gang, vice governor of the People’s Bank of China.

“China will continue to strengthen its cooperation with concerned countries and hopes that all governments will work together to overcome the current difficulties and restore international financial stability,” he said in a statement at the annual meeting of the International Monetary Fund and World Bank.

He urged the two Bretton Woods Institutions to “fulfill their mandates to maintain global monetary and financial stability and facilitate sustainable, balanced growth.”

The fund should give the surveillance priority to the ongoing financial turmoil, deepen its analysis, learn lessons, and listen to the opinions of member countries, said the senior official of China’s central bank.

“From the medium- and long-term perspective, the fund must address the inherent deficiencies of the current international monetary system and foster an international financial architecture adaptive to the evolving global economy and financial markets,” he noted.

As the largest multilateral development institution, the World Bank should re-assess the challenges confronting the developing countries — soaring food and fuel prices, higher financing costs, deteriorating balance of payments positions, and mounting inflationary pressures, said Yi Gang.

“With the advantages of its financing capacity and expertise, the World Bank should urge the developed countries to shoulder their due responsibilities in stabilizing the global economy through targeted measures, carried out in an even-handed and professional fashion,” he said.

Yi Gang also stressed the fundamentals of the Chinese economy are “solid and resilient.”

“We are confident we can weather the financial turmoil,” he said. “With the global economic slowdown, it is important that China maintains its stable and relatively rapid growth.”