Chinese President Hu Jintao Saturday called for vigorous efforts to help developing countries accelerate development, in a speech at the opening ceremony of the G20 Finance Ministers and Central Bank Governors Meeting.

Hu said that for developing countries as a whole, economic development and the improvement of people's livelihood are the most pressing issues top on their agenda, and that supporting the developing countries in accelerating development is also instrumental for sustaining balanced and orderly world economic development.

"It is, therefore, imperative for us to enhance the North-South dialogue, proceed with the gradual establishment of a new type of long-term and all-inclusive North-South partnership, and achieve a win-win result through securing mutual benefits and reciprocity and drawing on one another's successful experience," he said.

Hu also urged efforts to improve the development assistance mechanism and encourage more development resources to be diverted into developing countries.

"The developed countries should earnestly honor their commitments in poverty reduction, financial assistance and debt relief, and work out and put into practice new financing mechanisms to accelerate the development of developing countries, the least developed ones in particular," he said.

The developing countries, on their part, must work even harder to improve their domestic economic climate, use development assistance more effectively and buildup competitiveness through their own efforts and cooperation with others, he said.

The international community must set up an effective oversight regime, implement the agreements and achievements reached on development issues at the recent UN summit celebrating its 60th anniversary, and ensure the fulfillment of the Millennium Development Goals, he said.

In a recent announcement, China has pledged new assistance measures in five areas including taxation, debt relief, concessional loans, public health and human resource development with a view to supporting more rapid growth of developing countries.

"China will make vigorous efforts to ensure the delivery of its commitments," he said.

Source: Xinhua