China will stick to an independent foreign policy of peace to promote lasting peace and common prosperity of the world, Chinese President Hu Jintao said here Thursday.

China will pursue the path of peaceful development and develop friendly relations and cooperation with all countries on the basis of the Five Principles of Peaceful Co-existence, Hu said while addressing a celebration marking the 60th anniversary of the founding of the People's Republic of China.

The five principles of peaceful co-existence are mutual respect for sovereignty and territorial integrity, mutual non-aggression, non-interference in each other's internal affairs, equality and mutual benefits and peaceful co-existence.

"China will continue to work with the people of all countries to push forward the lofty cause of peace and development and build a harmonious world of lasting peace and common prosperity," he said.