Calling China the biggest developing country in the world, Hu said the country still has a long way to go before it can basically achieve modernization and bring about common prosperity to all of its people.

"Reform and opening-up are what have made fast development in China possible in the last 30 years, and they also hold the key to China's future development," he said.

Hu also said the Chinese people are dedicated to the great cause of reform and opening-up, and will continue to build a society of initial prosperity in all respects and realize basic modernization in China and contribute further to the noble cause of peace and development of mankind.

China sees "historic changes" in ties with outside world after reform, opening-up

Hu said the three decades of reform and opening-up has brought about "historic changes" in China's relations with the rest of the world.

Hu made the remarks in his key-note speech at the opening ceremony of the Boao Forum for Asia (BFA) annual conference, entitled "Continuing Reform and Opening-up and Advancing Win-Win Cooperation".

Regarding China an "integral part" of the global economy, Hu recalled that in 1978, China's GDP accounted for only 1 percent of the world economy, whereas its share rose to above 5 percent in 2007.

"In 1978, China's share of global trade was less than 1 percent, whereas in 2007, its share jumped to about 8 percent," he said.

Addressing more than 1700 participants of the meeting, Hu said China's development has opened a huge market for international capital, attracting over 780 billion US dollars of net foreign investment over the last 30 years. Direct overseas investment by Chinese companies had also grown substantially, he said.

"China's development has boosted the growth of global economy and trade," he said. With import growing at an average annual rate of 16.7 percent since 1978, China has become the world's third largest import market and Asia's top import market.

China now contributes to over 10 percent of global economic growth and over 12 percent of global trade expansion. China's average annual import volume is close to 560 billion US dollars, generating some 10 million jobs for its trade partners, President Hu said.