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WASHINGTON (PTI): Amidst increasing apprehension among its Asian neighbours over its military buildup and assertiveness, China has insisted it does not engage in an arms race or pose a threat to any nation and vowed that it will never pursue an expansionist policy.

"China stands for peaceful settlement of international disputes on hot-spot issues and follows a national defence policy that is defensive in nature," visiting Chinese President Hu Jintao said in his address to the US-China Business Council luncheon here.

"We do not engage in an arms race or pose a military threat to any country. China will never seek hegemony or pursue an expansionist policy," Hu said in an apparent reference to the increasing fear among China's neighbours over its military buildup.

On Sino-US ties, he said that advancing the sustained, strong and steady development of China-American relations would serve the fundamental interests of two peoples.

"It is also conducive to world peace and development.

Working together hand-in-hand, we will build and develop a China-US cooperative partnership based on mutual respect and mutual benefit and deliver greater benefits to the people of our two countries and the world over," he said before leaving for Chicago on the last leg of his four-day US visit.