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Buffett defended 3G's management, saying the combined company is doing well operationally, and that its current problems cannot be blamed on a lack of investment.

Bush said he believes it's true when China invests in infrastructure, buildings, roads and rail, power, schools and hospitals, it does so for the benefit of people in those countries.

Breaches of personal data have been making headlines in China recently.

Business burdens will be relieved through fewer government-imposed transaction costs and administrative charges. Energy and logistics expenditures will also be reduced by reforms in the power, oil and natural gas, and railway sectors.

Bulgarian Prime Minister Boyko Borissov said that this local leaders meeting was held just three months after the 7th China-CEEC Summit in Sofia and a day after the Asia-Europe Meeting Summit in Brussels, "two very important forums that trace our further cooperation."