Berkshire Hathaway Chairman and CEO Warren Buffett, left, talks to BNSF Railroad CEO Matt Rose before the annual Berkshire Hathaway shareholder meeting in Omaha, May 2, 2015. [Photo/IC]

OMAHA - Warren Buffett praised China saying it has "found a way to unlock its potential" at a meeting on Saturday when Berkshire Hathaway Inc celebrated Buffett's 50th anniversary running of the conglomerate.

Buffett's second-in-command and Hathaway's vice chairman, Charlie Munger, echoed that sentiment, noting China's drive against corruption and its relationship with the United States.

"It's very important that we like and trust one another," he said.

China surpassed Japan to become the world's second-largest economy in 2010. US President Barack Obama has "pivoted" to Asia, placing much of the focus of American foreign policy on the continent as China becomes more influential on the world stage.

Buffett and Munger fielded five hours of questions from shareholders, analysts and journalists at Berkshire's annual meeting, including questions concerning China's stock market.

The billion investor told its shareholders that value investing applied to all markets.

Commenting on China's stock market where the market value has almost doubled in recent months, Buffett said there might be more speculative influences in China because it was a relatively new investing environment.

Munger, the company's vice chairman, took it a step further by saying he thought China would be better served by taking a value approach versus speculation. "I don't think value investing will ever go out of style," he added.

The billionaire expressed optimism the company would thrive over the long haul, even after he is gone.

The meeting had a more festive air this year, with one of the more than 40,000 people who attended shouting out "Warren and Charlie, we love you" at the start of the main event of what Buffett calls "Woodstock for Capitalists."