China's Vice Finance Minister, Li Yong, says developing countries are disadvantaged by economic globalization and called on industrial nations to pay more attention to their needs.

Addressing the 28th session of the International Fund for Agriculture Development meeting, Li Yong called for fairer and more efficient development aid to reduce world poverty.

He says the biggest problems facing developing nations are a shortage of funds, a heavy debt burden, worsening trade conditions and backward technologies.

Meanwhile, Lennart Bage, was re-elected as president of the IFAD for another four years.

The Swede was elected the fourth president of the IFAD in February 2001, the first from an industrialized nation.

The IFAD is a specialized UN agency founded in 1977 to combat hunger, poverty and famine in developing countries, especially in rural areas.