In his speech, Zeng noted that the world today needs to address many problems facing the growth of the world economy.

These problems include greater uncertainties for global economic growth, the rising prices of primary products, resurfacing of trade protectionism, and growing concerns over global climate change, he said.

"The plummeting of stock markets throughout the world in the past few days speak eloquently of how much the market is worried about a possible slowdown or even recession of the US economy," he said.

Financial risks spread faster than before, and one single financial and economic event in a country could cause chain reactions in other parts of the world, he said.

The sub-prime mortgage crisis which broke out in the United States has hurt many transnational financial institutions and its adverse impact on countries concerned has start to be felt, he elaborated.

He expressed his concerns that the prices of primary products are still rising and have raised production cost and consumer spending and led to more inflationary pressure in the world.

Turning to trade protectionism, the Chinese vice-premier said that some countries have raised non-tariff trade barriers and imposed more restrictions on foreign investment.

Such practices hurt the interests of exporters, producers, investors, importers and consumers alike and will ultimately harm the common interests of all countries, he said.