"Japan squarely faces these facts of history in a spirit of humility."
The wording repeats previous Japanese apologies - but analysts say the international setting gives the statement added weight.
Asked by reporters if he would hold talks with President Hu, Mr Koizumi said he was hoping for a meeting on Saturday.
The BBC's Tim Johnston in Jakarta says the apology should go some way to placating Chinese anger, which was recently reignited by a history textbook that the Chinese felt paid insufficient attention to atrocities.
In response to the apology, China's ambassador to Britain, Zha Peixin, said Japan's actions would be more important than words.
Among the issues causing outrage is the description of the Japanese army's massacre in Nanjing, referred to in the study books as "an incident".
From BBC: Between 50,000 and 300,000 Chinese people were killed between December 1937 and March 1938 in one of the worst massacres of modern times.
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