The International Monetary Fund says China's slowdown, volatile financial markets and tumbling raw-materials prices have raised the risks to economic growth around the world.
In an assessment of global threats published as finance ministers and central bankers meet this week in Turkey, the IMF is urging wealthy countries to continue easy money policies and "growth friendly" tax and spending programs.
It says some emerging-market countries should let their currencies fall substantially to support exporters and economic growth, adding that they should also enact reforms to make their economies more efficient.
The IMF says the Chinese economic slowdown appears to have had larger-than-expected repercussions in other countries. China's troubles have sent the prices of raw materials such as oil and copper into a freefall, pinching Brazil, Russia and other commodity exporters.