Liz Claman of Fox Business Channel quotes or paraphrases the Berkshire chairman and vice chairman:
Question: Will you be looking to do more business in China?
Buffett: China is a huge market. There will perhaps be opportunities to buy more businesses there. We would have bought more than 10% of BYD if we could have - but that’s all they wished to sell us. Chinese dollar assets are going to build as long as there is a significant trade surplus with China.
Munger: I think China has one of the most successful economic policies in the world. Has advanced more rapidly than the rest of the world. Their rate of advance is so great and meaningful that if they lost a bit of their purchasing power on their dollar holdings - it’s a trifle for them. They’re going to be very hard to compete with - all over the world. I think the U.S. and China should be very friendly nations. We’re going to be joined at the hip.