More international cooperation is needed at the upcoming G20 summit in Seoul, as global governance will help enhance financial regulation, said Zhu Min, a special advisor of the International Monetary Fund (IMF).

Zhu, a former deputy governor of China's central bank, made the remarks at the World Economic Forum Annual Meeting of the New Champions, also known as the Summer Davos, which is being held in China's northern port city Tianjin.

Global governance over financial regulation will be a crucial issue for the coming G20 summit to be held in Seoul in November this year, he said.

Despite the European debt crisis, the overall global risk has been significantly reduced in the past two years, as liquidity condition and the funding structure are much better, said Zhu, noting that uncertainties still exist in the global financial regulation.

Zhu called for the establishment of a standardized and global principle in financial regulation to create a financial safety net, which should be pushed forward at the G20 summit.

However, he admitted it takes long-term negotiation and "will not be done overnight."

Zhu also suggested building a more effective voice mechanism that can balance different regions and groups and have all economies equally represented.

The world should shift its attention from the west to the east, where emerging economies have gained a lot of ideas and experiences from their development in the past years, especially in financial regulation, which could be shared with other countries, he said.

The Annual Meeting of the New Champions 2010 will last till Sept. 15, with focus on sustainable growth in the post-crisis period.