"In 2009, while China's total exports in goods dropped by 16 percent, its retail sales (at home) were up by nearly 17 percent in real terms, fixed assets investment increased by about 30 percent, and current account surplus relative to the GDP fell to 6.1 percent," Hu cited telling figures.

Both the big drops in the country's trade surplus and the swift trend toward current account balance have been major signs of China's more balanced economic development, Hu pointed out.

However, Hu said the government and people of his country are "soberly aware" of the difficulties and challenges ahead, due to the large population, weak economic foundation, lack of balance in the development between urban and rural areas and serious environmental and resource constraints of the country.

The Chinese president promised to accelerate the transformation of his country's economic development pattern to implement the scientific outlook.

Meanwhile, Hu said it is "imperative and incumbent" for the G20 to help developing countries achieve full development and narrow the development gap between the North and South.

Developing countries have been hit hard by the financial crisis and they find it a daunting task to overcome the difficulties caused by the crisis, Hu said in his speech.
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