Buffett says world depends on U.S., China for growth

OMAHA, the United States, May 5 (Xinhua) -- U.S. billionaire investor Warren Buffett said Saturday that the world depends on the United States and China for progress, while the two countries are in a win-win situation.

Buffett, chairman and CEO of Berkshire Hathaway, made the remarks in response to a Chinese investor's question about U.S.-China trade relations at the Berkshire Hathaway's annual shareholders meeting.

"The United States and China are going to be the two superpowers of the world, economically and in other ways, for a long, long, long time," Buffett said.

"We have a lot of common interests, and like any two big economic entities, there are times when there'll be tensions, but it is a win-win situation," the investor said.

Both Democrats and Republicans in the United States believe in the benefits of free trade, he said.

The benefits of free trade are huge, and the world "is depending on it in a major way for its progress," Buffett said.

Speaking of the U.S. trade deficit, Buffett said he would not like the gap to get too wide, but "when you think about it, it's really not the worst thing in the world to have someone send you the goods that you want and for you to send a piece of paper."

The only problem is when one side may want to win a little bit too much, he said, adding the world will not sacrifice its prosperity based on differences that arise in trade.

The investor also implied that he is willing to invest more in China this year.

He is turning 88 this August, and eight, he said, is a very lucky number in China.

This could be the time to acquire something in China, Buffett said. Berkshire Hathaway currently has a stake in China's automobile manufacturer BYD. Enditem