Communication and coordination in macroeconomic policies are essential in the face of complex economic and financial situations, Vice Finance Minister Zhu Guangyao said in an interview with China.org.cn.

"The world is facing extremely complex situations with mounting downside risks," said Zhu, a member of the National Committee of China's People's Political Consultative Conference (CPPCC), the country's top political advisory body, speaking on Friday during its annual session.

"The banking sector is undergoing many uncertainties, which have already revealed loopholes in the macroeconomic policies of Western economies."

While the U.S. Federal Reserve is on course to continue rate hikes, the European Central Bank (ECB) recently announced an aggressive stimulus package that includes raising monthly asset purchases to 80 billion euros, cutting its deposit rate by 10 basis points to -0.4 percent and cutting its key lending rate to zero.

"The ECB move is beyond market expectations and represents its vote of no confidence in the general economy," Zhu said.

Anxious to jump-start economic growth, the ECB is actually using Japan's old playbook to move into negative rate territory.

"The Japanese yen, however, didn't depreciate as expected, but turned out to be stronger," said Zhu. This, he argued, showed it was impractical for one country to seek benefit at the expense of others.

He stressed the importance of coordinated policy among major economies to ride through the challenges and placed much hope in September's G20 summit when China will assume the rotating presidency during the event in Hangzhou.

Zhu hoped that G20 members would create a synergy to confront global economic headwinds based on the success of last month's Finance Ministers and Central Bank Governors Meeting.