The world's leading economies, including emerging powers like China, agreed on Saturday on the need to take measures to stimulate growth and fight off the threat of a global recession.
Central bankers and other top government officials from countries representing most of the world's economy hammered out proposals for their leaders to take to an emergency summit on the financial crisis next weekend in Washington.
Brazil, Latin America's largest economy, pressed the case for emerging heavyweights to have a bigger say in global finance, a cause backed by the World Bank and International Monetary Fund.
Brazilian President Luiz Inacio Lula da Silva said the global financial system "collapsed like a house of cards" in the credit crisis due to the "blind faith" of rich countries in self-regulation by markets.
In the United States, President-elect Barack Obama said it was time for Americans to put aside their political differences to focus on averting a deep recession, which he plans to tackle as soon as he moves into the White House in January.
At the annual meeting of the G20 group of the biggest advanced and developing economies in Brazil's bustling business capital, policy-makers and officials focused on action they could take to stave off the prospect of a global recession.
"There is a sense of a need for supportive fiscal expansion," World Bank President Robert Zoellick told reporters, referring to discussions among officials from the G20 economies.
China told top finance officials on Saturday it was in a position to give a strong boost to its economy, like other countries, to help fight the global credit crisis, the head of the World Bank also said.
"China is in a very good position to have a strong fiscal expansion. This is something the Chinese authorities talked about."
China's central bank governor, Zhou Xiaochuan, said the Asian export powerhouse, one of the few remaining engines of global growth, would help stabilize markets by maintaining its economic expansion, which he forecast at 8-9 percent in 2009.