On the upcoming high-level climate change conference in the Mexican city of Cancun, Hu said G20 members should work together to ensure that the conference will continue to follow the principles of common but differentiated responsibilities.

The Cancun conference should pay more attention to the voice of developing countries and seek positive outcomes by building on the achievements reached during the last round of talks in the Danish capital of Copenhagen.

In his address, Hu also briefed his colleagues on the development of China, which has seen over 200 million people lifted from absolute poverty during the past 30 years.

Along with its stride toward a moderately prosperous society, China has also offered sincere and selfless assistance to fellow developing countries as its ability permits, and has actively promoted South-South cooperation, said the president.

In the next five years, Hu said, China will stay committed to scientific development, focus on the transformation of the economic development pattern at a faster pace, further improve people's livelihood, and strive for sustained, stable and fast economic development and social harmony and stability.

"All in all, we will strive for comprehensive, balanced and sustainable development and make new contributions to world economic development," he said.

Hu asked his colleagues to show greater courage and wisdom and work hand-in-hand for the all-round development of the world and a better future for mankind.

At the first plenary session of this G20 summit, South Korean President Lee Myung-bak stressed the significance of the agreements reached at the G20 meeting of finance ministers and central bank governors in Gyeongju, which helped ease global tensions with regard to currency issues and trade imbalances.

He also talked about the importance of following the Mutual Assessment Process (MAP) to avoid future crises and promote strong sustainable growth.

The summit officially started on Thursday evening when President Lee hosted a grand welcome reception and a working dinner for leaders of the world's 20 most important economies.

The summit focuses on the world economic situation, a framework for strong, sustainable and balanced increase, the reform of the international financial institutions, international financial supervision, global financial safety network, development and trade.

The G20 was established in 1999 to bring together strategically important industrialized and developing economies to discuss key issues in the global economy.

It groups Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States, and the European Union (EU).

Together, the G20 members represent around 90 percent of global gross national product, 80 percent of world trade (including internal trade among EU members), and two-thirds of the world's population.