The rapid growth in major developing economies have injected confidence for the global recovery, however, "the external environment for developing countries is still precarious," Zhu Guangyao, Vice Finance Minister of China, said on Saturday.

"Major developing economies including China have been recovering and growing rapidly, which reinforces the global confidence for recovery and generate strong momentum for the global economy," Zhu said in his speech during the International Monetary Fund and World Bank annual meetings held this week in Washington.

"However, the root causes of the global financial crisis still exist.Global economy has not yet embarked on virtuous cycle for sustainable growth. Systemic and structural risks are still relatively pronouncing, and the external environment for developing countries is still precarious."

He said that China appreciates the World Bank's work in mobilizing more than 100 billion U.S. dollars for developing countries in fighting against the crisis, and fully commends the Bank's role in protecting poor people and consolidating the global recovery foundation.

"Meanwhile, we should keep in mind that although developing countries are to some extent resilient in the crisis, their economic fundamentals are still weak and their capacities need further strengthening," said the Chinese official.

"The poorest countries still need substantial amount of external financial resources in order to achieve poverty reduction and sustainable development targets over a long period of time," he added.

Zhu noted that as the largest development assistance institution in the world, the World Bank should carefully analyze the evolving global economic structure, take stocks of the lessons learned from the crisis, deepen the research on how to prevent future crisis, explore innovative development approaches and provide support for it.

The World Bank should also help developing countries to enhance their capacities for self-development, enhance the endogenous driving force of economic growth, and generate long-term benefits for the people in developing countries.

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