"If China is to emerge as a durable and responsible world leader, there are considerable improvements to be made in its trade practices and economic policies," the chairman and chief executive officer of News Corp Ltd. said at a dinner hosted by the Asia Society in New York.

He balanced his call for change by saying that China must still deal with a wide range of "profound demographic changes" that are accompanying its rapid economic expansion.

"China's industrialization and modernization is one of the most profound social transformations in human history," he said. "So it is understandable that Chinese authorities are hesitant to make sweeping and instantaneous changes in the system of state-owned enterprises."

Excerpted from a Reuters report on Forbes.