Chinese President Hu Jintao called on the international community Friday to promote balanced and stable growth of the world economy.

Imbalances in the global economy and growing uncertainty in the international financial market have increased risks in the world economy, Hu said at the outreach session between the Group of Eight (G8) industrialized nations and five major developing countries in the German Baltic resort of Heiligendamm.

Members of the international community should bear common responsibilities and take the initiative to reduce such imbalances by expanding domestic demand, cutting fiscal deficit, speeding up structural adjustment and accelerating institutional reform, he said.

"We need to keep a close watch on the international financial market, particularly short term movement of capital, and keep major reserve currencies stable," he said.

Hu urged the international community to support the multilateral trading regime, oppose trade protectionism and work for a comprehensive and balanced outcome of the Doha Round talks of the World Trade Organization.

He also called on developing countries to adopt development strategies and polices in light of their national conditions and speed up economic development.

"Developed countries, on their part, should increase assistance, reduce and cancel debts, open markets and transfer more technologies to developing countries," he added.

"We need to redouble efforts to meet the Millennium Development Goals with a sense of urgency, narrow the North-South gap and, in particular, meet Africa's special need for development."

Hu also stressed the importance of sustainable development, which he said can only be achieved by striking a balance between economic growth, social progress and environmental protection.

"The international community should implement the agreement reached at the World Summit for Sustainable Development and other meetings to promote green growth, develop a circular economy and build a resources-saving and environment-friendly society," he said.

The meeting between the major industrialized nations -- Germany, France, Britain, Canada, Italy, Japan, the United States and Russia -- and the five major developing countries of Brazil, China, India, Mexico and South Africa, which is dubbed the G8 "outreach session," has been held annually at the G8 summit since 2003 except for 2004.

Source: Xinhua