U.S. billionaire Warren Buffett said on Saturday that China is an amazing economy and the Chinese people will be living better lives in 20 years than today.

When responding to a question from a Chinese student who is currently studying at Kansas City, Buffett said China is a country with great potential.

"China is an amazing economy, there's no question about that, and China's excising this kind of potential," Buffett said at the annual shareholders' meeting of Berkshire Hathaway.

Buffett, CEO of Berkshire Hathaway, also emphasized that countries around the world do learn from each other.

China may learn a few things from U.S. in its own development, but "they don't take everything we have," he said, adding that at the same time, countries like India and China are also helping improve U.S.

The billionaire said he was full of hopes for emerging economies like India and China. "People in India and China will be living better lives in 20 years than today."