Speaking at the Asia-Europe Meeting (ASEM), he said: "The crisis has led to major fluctuations on global financial markets and has had a severe impact on economic growth and people's lives."
The informal two-day summit, attended by more than 40 leaders, is focusing on means of overcoming the financial crisis, which broke out after massive defaults on risky housing loans in the United States and spread to Asia and Europe, plunging stock markets and weakening currencies.
Hu said China had made "efforts to maintain the national capital market's stability, boost liquidity ... and improve coordination with other countries."
China, with its tougher fiscal regulations, has been less affected by the credit crunch than the U.S. and Europe, which are widely feared to be heading for a lengthy recession. However, China and other Asian economies are suffering from a decline in exports and foreign investment.
Washington will host a summit on November 15 bringing together leaders of the world's largest economies to "review the progress being made to address the current crisis and seek agreement on the principles of reform needed to avoid a repetition and assure global prosperity in the future."
Following the U.S. government's $700 billion financial bailout plan, the European Union has approved a plan to provide 1.7 trillion euros ($2.3 trillion) to help banks.
