Dai made the remarks when addressing the leaders' meeting of the Group of Eight (G8) and five leading emerging economies on behalf of Chinese President Hu Jintao, who cut short his stay in Italy and returned to Beijing due to the situation in China's Xinjiang Uygur Autonomous Region.

    Dai said President Hu, at the outreach session of G8 summit in Japan a year ago, called on the international community to build a sustainable world economic system, an inclusive and orderly international financial system, a fair and equitable international trade regime and a fair and effective global development system.

    The current international financial crisis highlighted the importance and urgency of building those systems, Dai said.

    The global crisis could only be solved through international cooperation and a balanced and sustainable development of world economy could only be achieved by strengthening and improving global governance, he said.

    The state councilor raised a four-point proposal on coping with challenges resulting from economic globalization as well as on the way of boosting world economy.

    He said the demands of both developed and developing countries should be taken into account, and their concerns should be addressed in a balanced manner so as to achieve a balanced development, shared benefits and win-win progress.

    Countries, big and small, rich and poor, are all integral parts of global economy and they should participate as equal partners in policy-making in regulating world economy, said the state councilor.

    Concerted coordination should also be encouraged to address various challenges and difficulties, he said, adding that both developed and developing countries should be allowed to assume their own model of development.

    Dai also noted efforts should be made to ensure broader representativeness in a bid to answer the concerns of international community and tackle the global challenges.