Concerning financial stability, Wang said "we should keep exchange rates of major currencies stable through exchange rate policy coordination."

"We should establish a global financial risk early-warning system as soon as we can. It is important to increase emergency assistance for the hard-hit developing countries, especially the least-developed ones," Wang said.

The developing countries, Wang said, need to be given more guidance on how to properly tackle the crisis, with a view to ensuring the attainment of the United Nations Millennium Development Goals that aim to alleviate extreme poverty.

In terms of reforming the international financial system, he said, "with the goal of shaping a new international financial order that is fair, just, inclusive and orderly, we should together call for and promote balanced diversification in the international monetary system to ensure and support its stability."

"We should advance reform of international financial institutions such as the International Monetary Fund, the World Bank and the Financial Stability Board so as to increase the representation and voices of developing countries and make sure that the decision-making process is transparent, fair and just," he said.

(Xinhua News Agency May 9, 2009)