Entrepreneurs from China, U.S. brainstorm on innovative ideas

Updated 2018-05-16 10:17:04 Xinhua

The third U.S.-China Innovation and Investment Summit (UCIS) has brought another wave of technology and innovation investment to Houston, the fourth largest city in the United States.

More than 500 participants from the two countries, including entrepreneurs and investors, are meeting here on Monday and Tuesday, exchanging views and looking for opportunities in the fields of innovation and technology.

As the honorary guest city of this year's summit, Suzhou, a city in Jiangsu Province of China, has actively participated in the event, hoping to attract more U.S. entrepreneurs to the city. In recent years, Suzhou has made great efforts to implement innovation-driven developing strategy and improve the environment of innovation and entrepreneurship.

The comprehensive power of technological advancement has ranked the first in the eastern Chinese province for nine years in succession.

During an exclusive interview with Xinhua, Liu Qing, president of Jiangsu Industrial Technology Research Institute, said a biomedical innovation center is to be built in Houston to facilitate companies from both countries.

"The center will help American companies find investment, market and partners, and help Chinese companies seek business opportunities in the U.S.," Liu said.

Peking University Science Park Vice President Wang Guocheng told Xinhua the summit focuses on mature American businesses that have been established for two to three years and that have good prospect of marketization.

"I believe this kind of position is accurate. These businesses need China's market, and they need something potential from the Chinese development to help them grow," he said.

He believed the summit also serves the Chinese companies that want to develop and transform.

"We would like to assist those businesses to reach that goal through coordinating some projects and providing them accurate services," he said, adding "I think both Americans and Chinese need our good market services and local teams to help them in this matter."

Innovation and technological cooperation have played an active role in Sino-U.S. relations, provided a platform for bilateral cooperation, Chinese Consul General in Houston Li Qiangmin told Xinhua in a recent interview.

Li pointed out that innovation is the soul of a company's development. Without innovation, the development of the company will be difficult to sustain. Many American companies have a history of innovation and development and are worthy of learning from China in many aspects.

He stressed that Sino-U.S. cooperation in science and technology has played an important role in promoting the healthy and smooth development of bilateral relations. At the same time, it has brought tangible benefits to the peoples of the two countries.

Supported by the Ministry of Science and Technology of China and Chinese Consulate General in Houston, UCIS is cohosted by China Science and Technology Exchange Center (CSTEC) and U.S. China Innovation Alliance (UCIA).

UCIS provides a unique opportunity for U.S. companies to connect with investors, strategic partners, leading incubators/accelerators, and professional services firms from China.

It aims to facilitate collaboration between innovative technology companies, venture capitalists, private equity, startup accelerators and incubators.

It is also expected to help Chinese investors access and invest in the best-in-class technologies and products located in the United States, as well as help U.S.-based technology companies source investors and partners that can help them to access the Chinese market.

UCIS was listed as the one of the key programs in the science and technology area for the first U.S.-China Social and Cultural Dialogue (SCD) which was co-chaired by former U.S. Secretary of State Rex Tillerson and former Chinese Vice Premier Liu Yandong in 2017.

U.S. and Chinese leaders launched the SCD in April 2017, pledging to expand mutually beneficial cooperation and manage differences on the basis of mutual respect.

This year's summit, or UCIS 2018, brings together more than 500 participants, including over 200 representatives of industry-leading enterprises, investment firms and innovative companies from China, and 200 representatives of innovative technology companies from the United States that are seeking cross-border opportunities across a range of focused industries.

The two-day conference features a range of events, including "INNOSTARS" preliminary competitions, innovation forums, B2B matchmaking, company exhibits, as well as satellite activities.

The meeting covers six areas in science, health and technological innovations, including advanced manufacturing, health care and biotechnology, new energy and new materials, environmental protection technology, artificial intelligence and virtual reality, information and communication technology.

In addition to B2B matchmaking, the meeting will feature a China-U.S. innovation investment connection forum, a China-U.S. international medical investment and cooperation forum, a China-U.S. innovation and investment promotional meeting, and a medical device innovation and docking forum.

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