"We've both been very eager to have this meeting," Bill Gates, co-chair of the Bill and Melinda Gates Foundation and chairman of Microsoft Corporation, said in the press release.

"We're grateful so many people made the time to attend, and for their candor and insights," Gates said. "People are doing some very good thinking about how their good fortune can have a positive impact on China and the world."

Buffett said in the press release that "this is a key generation for New China."

"Today's generation of successful entrepreneurs has the chance to lead and inspire giving for generations to come. And from the tone of our conversations, I am confident that they will," he said.

At Buffett and Gates's request, the guest list was not made public.

Recently, 40 wealthy families in the United States agreed to participate in the Giving Pledge. It is a commitment by wealthy families to return the majority of their wealth to society through philanthropy -- during their lifetime or at their death.

According to the press release, Gates and Buffett spoke of the Giving Pledge effort briefly at the Beijing meeting, but stressed that China needs its own unique approach, suited to its unique situation, to promote charity.