In his inaugural speech, 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, also General Secretary of the ruling Communist Party of China said in a speech delivered at the Great Hall of the People, attended among others by Finance Minister, P Chidambaram and other Finance Ministers from the G-20 group.
"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 favourable conditions and precious opportunities brought about by economic globalisation 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. It is the first time for China to assume the presidency of the G-20. The October 15-16 meeting in Xianghe, 52 kilometres from Beijing, will gather finance ministers and central bank governors from the world's richest countries and major emerging economies.
With the theme of 'Global Cooperation: Promoting Balanced and Orderly World Economic Development', the finance elites are expected to discuss five major topics including the review and prospect of the global economy, the review of
the Bretton Woods Institutional system and its reform, the realisation of the Millennium Goals set by the United Nations, the ageing and immigration problems and the innovation of development concepts.
China's deputy finance minister, Li Yong said that the meeting will be focused on global cooperation and hot issues of the world economy such as oil prices, global economic development imbalance and trade, and try to find solutions to restructural and systematic problems in terms of global economic governance as well as long and medium-term development problems.
In addition to a regular joint communique, China plans to call on the other members to pass another two documents, one on the reform of the Bretton Woods institutions, and the other on issues of international development, Jin said.
President of the World Bank, Paul D Wolfowitz, managing director of the IMF, Rodrigo de Rato and the President of the European Central Bank Jean-Claude Trichet will also attend the meeting.
