New Silicon Valley Venture Seeks to Attract Chinese Investment

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Civic and business leaders from around Silicon Valley gathered this week to celebrate the launch of a new endeavor that aims to foster greater Chinese investment in the region, reports Chinese-language broadcaster KTSF.

The non-profit China Silicon Valley will be headquartered in San Jose. Board Member Fred Greguras says the venture is intended to provide a “one stop shop” for Chinese businesses seeking investment opportunities.

He also points to what he sees as a deepening relationship between the two countries, despite the current scandal involving allegations of spying.

“Economically speaking, the U.S. and China are cooperating closely,” he said, predicting the friendship would not be ending any time soon.

Wednesday’s event comes as China and the United States are engaged in a dispute over allegations that the National Security Agency (NSA) has been spying on China. Beijing recently lashed out at Washington following the release of documents by former NSA employee Edward Snowden, who fled to Hong Kong soon after. Reports say he is currently in a Moscow airport and could be heading to Ecuador, which has promised him asylum.

CSV Chairperson Li Wen Xu says fields like gaming, data collection and storage, and telecommunications are providing a fertile ground for collaboration between Chinese and American companies. Chinese start-ups, he adds, benefit greatly from the technical support available in Silicon Valley.

CSV also anticipates a boost in the local job market from the expected investments.