Beijing (PTI): Chinese President Hu Jintao said that fundamentals of the country's economic development are good but called for creating more domestic needs to keep stability in the financial market amid the global meltdown.

"Currently, the fundamentals of our country's economic development are good amid the international financial tsunami and the world economy's slowdown," Jintao said during a visit to northern province of Shaanxi.

But he admitted that "prominent contradictions and problems" existed in China's economy due to the crisis, Xinhua news agency reported.

"We must maintain confidence, raise spirits, perfect our policies, strengthen our struggle," he said.

Hu asked local official and people to revive their confidence and work hard to tackle the current financial crisis.

"Governments should make more efforts to create domestic needs, especially consumer needs," he added.

Hu's comments come amid mounting evidence China is starting to feel the pinch from the global economic downturn.

The country's GDP growth slowed to nine per cent in the third quarter of the year, the lowest growth figure since the second quarter of 2003 and the growth of its exports has also decreased.

The pace of expansion in exports in the first three quarters slowed down by 4.8 percentage points from last year, growing by 22.3 per cent to 1.1 trillion dollars, official figures showed.