Chinese President Hu Jintao on Saturday 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 in a speech delivered at the opening ceremony of the seventh G20 Finance Ministers and Central Bank Governors' Meeting.

"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.

Source: Xinhua