China following managed floating exchange rate regime: Hu

President Hu Jintao has said China has been following a managed floating exchange rate regime in accordance with the principle of independent initiative, controllability and gradualism.

Hu said "despite the tremendous difficulties caused by the global financial crisis, we have kept the RMB exchange rate basically stable and have thus made contribution to the stability of the international economic and financial systems.

Hu was speaking at the BRIC summit in Brazil along with fellow leaders from Brazil, Russia and India.

Hu also said China has also made great efforts to support and help developing countries.

"We have cancelled the debts owed by 49 heavily indebted poor countries and least developed countries and offered zero-tariff treatment to commodities from more than 40 least developed countries."

Hu noted that China follows a responsible approach in pursuing development.

Although the global financial crisis led to a sharp decline in China's export, a big increase in unemployment slowing down its economic growth, top priority is being given to implement package plans and policy measures taken in response to the financial crisis, Hu said.

"We achieved an 8.7 per cent GDP growth and made important contribution to the world economic recovery," he said.

To ensure steady and relatively fast growth, China has taken it as an important task to speed up the transformation of growth pattern and economic restructuring.

Arduous efforts have been made to promote coordinated growth of consumption, export and investment, with a special emphasis on boosting domestic demand and increasing household consumption, he said.

After attending the summit and paying a state visit to Brazil, Hu left for home earlier than originally scheduled because of a strong earthquake in northwestern China.

He also postponed visits to Venezuela and Chile.