Zhou: Divert excess savings to emerging markets

China's excess savings should flow toward developing countries to help correct global imbalances, central bank governor Zhou Xiaochuan said on Friday, indicating the country's resolve to diversify its $2 trillion worth of foreign exchange reserves.

Speaking at the Global Think Tank Summit discussion on the global financial crisis and economic outlook in Beijing, Zhou said, "From a demographic point of view, developing countries will generate tremendous global demand."

The chief of the People's Bank of China said the support of the international financial system, including the international monetary system, was needed to help improve global productivity and income distribution, and drive broader global growth, he said.