Finance leaders of the Group of 20 (G-20) agreed Sunday to improve policy coordination and work towards balanced and sustainable growth.

Concluding a weekend meeting in Xianghe, north China's Hebei Province, the G-20 finance ministers and central bank governors said in a communiqué that they welcomed the ongoing expansion of the world economy, while recognizing low growth and increasing poverty in some developing countries.

"We also emphasized that the risks long lasting high and volatile oil prices, widening global imbalances and rising protectionist sentiments are to the downside and could exacerbate uncertainties and aggravate global economic and financial vulnerabilities," the communiqué said.

It said the G-20 was determined to implement the necessary fiscal, monetary and exchange rate policies, and accelerate structural adjustments to resolve imbalances and overcome risks.

The finance leaders agreed to enhance cooperation on the issue of volatile oil prices, which could increase inflationary pressures, slow down growth, and cause instability in the global economy.

They stressed the need to increase oil investment, production, and refining capacity, and vowed to enhance dialogue between oil suppliers and consumers.

They also stressed the importance of promoting energy conservation and efficiency, including adopting and transferring new technologies, developing alternative and renewable energy sources, and reducing subsidies on oil products.

The G-20, which comprises the Group of Seven members and the leading emerging nations such as China, India and Brazil, agreed that successful talks at the Doha Development Round of the World Trade Organization (WTO) is critical for ensuring globalization benefits all countries.

They urged all parties concerned to provide the necessary political impetus to promote trade liberalization, fight protectionism, and make real progress at the WTO Ministerial Conference to be held in Hong Kong later this year.

The G-20 finance chiefs acknowledge the Bretton Woods Institutions (BWIs) have made significant contributions to growth and development, and the improved functioning of the international monetary system.

However, they said the evolution of the international economy and global financial markets requires a continuing review of the representation, operations, and strategies of the BWIs.

In the communique, the finance officials said they were concerned that a number of developing economies may not be able to attain the Millennium Development Goals without substantial additional support. They called on the international community to fulfill the Monterrey Commitments and on recipient countries to make further progress in implementing sound policies.