Each nation must be allowed to choose how it develops, president tells conference President Hu Jintao yesterday urged developed countries to intensify dialogue and co-ordination in macroeconomic policies with developing ones, and let each nation choose its own development model. He also said the big countries had an obligation to keep their currencies reasonably stable for the sake of the world economy, an apparent rebuff to the US-led group of developed nations putting pressure on China to further liberalise its exchange-rate system. 'All nations should intensify dialogue on macroeconomic policies and, most importantly, co-ordination on major issues that have a bearing on the overall development of the world economy and the common interest of all countries,' Mr Hu said at the opening ceremony of the G20 meeting of finance ministers and central bank governors in the Great Hall of the People. The two-day closed-door meeting will be continued at Grand Epoch City in Xianghe , about 50km from the capital. 'To promote the balanced development of the world economy, all countries, major economies in particular, should adopt responsible economic policies to introduce necessary restructuring, keep major currencies reasonably stable and prevent protectionism,' Mr Hu said. Founded in 1999, the G20 comprises the world's seven industrialised countries, the European Union, China, Argentina, Brazil, Russia, India, Australia, Mexico, South Korea, Indonesia, Saudi Arabia, South Africa and Turkey. Analysts expected China's currency policy would be a hot topic of debate at the gathering. In July, Beijing scrapped the peg on its currency to the US dollar and raised the yuan's value by 2.1 per cent against the dollar. The president said China would try to increase its gross domestic product to US$4 trillion and per capita GDP to US$3,000 by 2020. To achieve this goal, China must maintain the steady expansion of its economy, he said. He added that political stability had been a key factor in ensuring economic development for the world's fastest growing economy. Mr Hu said it was beneficial for the global economy for each country to be allowed to choose its own path for development. 'It is extremely important for the development of the world economy that the diversity of the various countries' developmental models is preserved, and that their complementary strengths are promoted,' he said. He also called for vigorous efforts to help developing countries accelerate development. Mr Hu said economic development and the improvement of people's livelihoods were the most pressing issues. He also said that supporting the developing countries in accelerating development was also instrumental to a globally sustainable and balanced economic development.