(Adds quotes, details)
By Aileen Wang and Ben Blanchard
BEIJING, Sept 23 Major developed countries
should maintain financial stability and properly handle their
sovereign debt problems, China's Finance Ministry said on
In a statement issued after a meeting of finance ministers
from the BRICS nations of Brazil, Russia, India, China and South
Africa, the ministry also said these countries should take
flexible, effective measures to curb inflation and cross-border
"We should urge major developed countries to maintain
financial stability and keep the momentum of economic recovery
to strike a balance between realising short-term economic growth
and making fiscal system adjustments in the mid-to-long term,"
the ministry said in a statement on its website
"Major developed countries should also properly handle the
sovereign debt problem and reduce the negative spill-over impact
resulting from their policies and channel more global financial
resources to developing countries," it added.
The statement also urged the BRICS nations to coordinate on
financial policies, and repeated a statement made on Thursday
that the countries may lend money to the International Monetary
Fund or other global financial bodies to increase their
firepower for fighting financial crises.
"BRICS countries should adopt flexible, effective macro
measures in a timely manner to curb inflation and fend off the
effects of cross-boarder capital flows," the ministry said.
"All member countries should further improve communication
in macro economic policies among themselves and deepen
cooperation in trade, investment and finance ... to improve
capacity for preventing external risks."
The five major emerging nations on Thursday said they may
lend money to the International Monetary Fund or other global
financial bodies to increase their firepower for fighting
The commitment by the BRICS nations on Thursday fell short
of expectations for more direct support to debt-crippled
Finance ministers of the group, meeting on the sidelines of
an IMF gathering in Washington, called on the G20 nations to act
swiftly and decisively to ease the euro-zone debt crisis, the
same way they fought the global financial crisis in 2008.
(Editing by Don Durfee, Ron Askew)