Chinese President Hu Jintao said Friday China will stick to peaceful development and the opening-up strategy that highlights mutual benefit and win-win cooperation.

Hu told the World Media Summit held Friday in Beijing that "China will seek friendly cooperation with all countries on the basis of the Five Principles of Peaceful Co-existence," he said.

"We soberly keep in mind that China is still the world's largest developing country, and faces conflicts and problems rarely seen in terms of their scale and complexity," he said. "China still has a long way to go before it can build a well-off society that can benefit more than one billion people, and achieve basic modernization and the common prosperity of all its people."

He said China will adheres to the path of socialism with Chinese characteristics in accordance with national conditions and promote all-round development in the economic, political, cultural, social and ecological arenas, and to go all out to ensure that the development is for the people and by the people and the fruits of development are shared by the people.