Chinese President Hu Jintao said in Beijing Saturday that China will strive to bring its economic and social development to the track of sustainable development that is people-centered, balanced and all-dimensional.

China is currently drawing up the 2006-2010 Program for National Economic and Social Development, Hu said at the opening ceremony of the G20 Finance Ministers and Central Bank Governors Meeting.

He added China will continue to pursue economic and social development under the concept of scientific development.

"We will adhere to the policy of expanding domestic demand and blaze a new trail to industrialization featuring high scientific and technological content, good economic returns, low resources consumption, little environmental pollution and a full display of advantages in human resources," said the president.

China will also accelerate economic restructuring and the transformation of the mode of economic growth, enhance innovative ability, make further progress in reform and openness, facilitate a balanced development between rural and urban areas and among different regions, and concentrate more on building a harmonious society, with the view to bringing china's economic and social development to the track of sustainable development that is people-centered, balanced and all-dimensional.

Since the reform and opening-up 27 years ago, Hu said, China has put in place an initial system of socialist market economy and a basic structure of all-dimensional openness.

China's economy has sustained a rapid growth and its people now live a comfortable life, a historic breakthrough from a period of having only their basic needs met, Hu said.

"Nevertheless, we are also clearly aware that China remains the biggest developing country in the world that features a huge population, weak economic basis, uneven development and heavy environmental pressure, and that its people's living standards are still not so high."

"Hence, modernization in China remains a long and uphill journey that will entail many years of hard work," Hu said.

The Chinese president said China has set the goal of building a moderately prosperous society in an all-round way.

On the country's development goal, he said, "We intend to bring our GDP up to around 4 trillion US dollars and per capita GDP to around 3,000 US dollars within the next 15 years, so that we will be able to further develop the economy, improve democracy, advance science and education, enrich culture, foster greater social harmony and upgrade the texture of life for the people."

To achieve this goal, China must maintain the steady and rapid growth of its economy.

According to him, ample labor resources, huge demand of the domestic market, a high household savings rate and social and political stability are the favorable elements that will secure China's sustained and rapid economic growth.

A sustained momentum of sound development of China's economy will not only benefit the 1.3 billion Chinese people, but also generate tremendous business opportunities and market potentials for all the countries in the world.

Source: Xinhua