Beijing, Nov 5 (IANS): Chinese Premier Li Keqiang has called for closer cooperation between China and the US in developing the next-generation nuclear power technology, a media report said.

The Chinese Premier's assertion came as he met with Bill Gates, co-founder of Microsoft and chairman of TerraPower, here on Friday.

Li said the companies of the two countries have set up a joint venture with each holding half of shares and agreeing to share the intellectual property rights, Xinhua news agency reported.

TerraPower, LLC signed a joint venture agreement with China National Nuclear Corporation to form the Global Innovation Nuclear Energy Technology Co., Ltd.

The two companies plan to work together to complete the Travelling Wave Reactor (TWR) design and commercialise the TWR technology.

"This is a pioneering work in China-US high-tech cooperation, which is on a voluntary basis. This shows the open attitudes of both sides," Li said.

He said China hopes to combine its advantage in talent resources with advanced technologies overseas and make good use of the internet platform to promote technological progress that the world can share and benefit from.