Chinese President Hu Jintao urged all countries to intensify dialogue and coordination in macro-economic policy to jointly promote the balanced and orderly development of the world economy.

Hu made the remarks while delivering a speech at the opening ceremony of the Seventh G20 Finance Ministers and Central Bank Governors Meeting, which was held in Beijing on Saturday.

Hu said with growing economic links and interdependence among all countries, the economic performance of individual countries, especially of major economies, has a profound impact on the world economy while the world economic situation will also significantly affect the development of each economy.

"Hence, to jointly promote balanced and orderly development of the world economy, all countries, major economies in particular, should not only adopt responsible economic policies to introduce necessary economic restructuring, keep major currencies reasonably stable and prevent trade protectionism, but also intensify dialogues on macro-economic policies and, most importantly, coordination on major issues that bear on the overall development of the world economy and the common interest of all countries," Hu said.

Diversity of development models should be respected

President Hu Jintao also said that the diversity of development models should be respected to promote the sustainable development of world economy.

Hu said the development of the world economy, in its final analysis, comes from the development of all countries, and the key to their sustainable development is the right choice of development models that suit their national realities and the demand of our times and the formation of economic systems and mechanisms that fit those models.

"It is very important to keep the diversity of development models and encourage different models to complement each other if we expect the world economy to move forward with full dynamism," Hu said.

"We should support all countries to choose development paths that suit their own conditions and improve their development models in the light of their respective national realities," he said.

"At the same time, we should make full use of the favorable conditions and precious opportunities brought about by economic globalization to promote complementary among competing development models and common development in the spirit of seeking common ground while putting aside differences," he added.

"In this way, we will inject new vitality to the world economy," he said.

 (Xinhua News Agency October 15, 2005)