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Chinese President Hu Jintao (R Front) talks with Canadian Prime Minister Stephen Harper (L Front) during the Group of 20 (G20) Financial Summit in Pittsburgh of the U.S., Sept. 25.
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-- Third, to stand firm in commitment to promoting balanced growth of the global economy:
The global economic imbalances include gaps between savings and consumption, and imports and exports in some countries. But more importantly, he said, it manifests itself in the imbalances in global wealth distribution, resource availability and consumption and the international monetary system.
"The root cause, however, is the yawning development gap between the North and the South," Hu said.
He called on world leaders to build up international institutions that promote balanced development.
"We should scale up input in development in diverse forms ... We should value the important role of technological cooperation in promoting balanced development, reduce man-made barriers to technology transfer, and create an enabling environment for developing countries to narrow the development gap," Hu said.
The Chinese leader said his country has attached great importance to comprehensive, balanced and sustainable socioeconomic growth, and has mainly relied on expanding domestic demand, in mitigating the impact of the international financial crisis.
"In the first half of this year, despite the drastic contraction in overseas demand, China's GDP managed to grow by 7 percent year-on-year," he said.
Hu said that China has taken an active role in international development cooperation, and has been actively engaged in international cooperation to tackle the crisis since it broke out.
He said China will follow through on its assistance pledges and measures in a responsible manner, and within its capabilities offer more help to developing countries, particularly the least developed nations in Africa.
"I am confident that with the concerted efforts of the entire international community, we will prevail over this international financial crisis and usher in a more prosperous future for the world economy," he said.
Leaders from the Group of 20 gathered in Pittsburgh on Thursday and Friday to discuss ways to promote a recovery from the world economic and financial crisis.
