Pretoria - World leaders have been called on to use the economic crisis as a launch pad to make meaningful changes in global financial institutions.
National Planning Commission Minister, Trevor Manuel, says transformation at the World Bank Group and International Monetary Fund - known as Bretton Woods Institutions - is too slow.
"Without a global approach to the regulation of the banks ... we cannot prevent another financial crisis... We must prevent any return to the 'one size fits all' approach," Manuel told the China-World Bank 30th anniversary conference in Beijing underway this week.
Manuel said continued cooperation was needed to undo global economic imbalances.
The developing world has also been calling for major reform of these institutions, as they have been fighting to get their developmental needs met.
Manuel credited the quick rebound from the economic crisis to global cooperation. He also noted that there was resistance from some quarters to change.
He acknowledged the G20's role in the global economy, but said that there was still a long way to go in getting a system that is equitable, supports development and is stronger.
"A major concern of developing countries, including South Africa, was that while globalisation and trade would continue to serve as major drivers of growth, the cost of the crisis on developed countries would make it harder for development to occur in developing countries," said Manuel.
He said all emerging markets faced a dilemma where they had to balance global trade and export growth, while gearing their economies towards domestic consumption.
Manuel said Africa was learning lessons from the development of China and how it interacted with the World Bank, and how a well structured partnership could be mutually beneficial.
