Shanghai / St Petersburg - Officials and economists from emerging countries said they will cooperate more to further reform the existing world financial system, since its instability has led to inflation and other troubles for such countries.

Speaking at an economic forum in St Petersburg on June 17, Alexei Ulyukaev, first deputy chairman of the Central Bank of Russia, said there are still disparities between the contributions made by emerging countries and the ways in which world financial policies are made.

"Developing countries produce goods and services, while developed countries produce problems and headaches," Ulyukaev said, adding that emerging economies should work together to pursue common interests.