John Chambers, chairman and CEO of Cisco (CSCO), has announced in Beijing Cisco's development plan in China.
After meeting with Shanghai government officials, John Chambers signed a strategic cooperation in Beijing with Peking University and he will also sign a series of memoranda of understanding with China's National Development and Reform Commission and Ministry of Commerce, which are all parts of the company's US$16 billion investment in China in the coming five years.
What's noteworthy is that John Chambers has also announced the establishment of a China Strategy Commission. This is the first time for a multinational technology company to do so in China.
According to the agreement signed with Peking University, Cisco will invest US$20 million to set up a research academy with Guanghua School of Management of Peking University to train Chinese officials and entrepreneurs. Under the MOU signed with the Ministry of Commerce, it will coordinate with ME to promote China's software outsourcing. It will also cooperate with NDRC on next-generation Internet and green programs research and development.
In addition, Cisco will invest US$350 million on Chinese small and medium enterprises and set up 300 network technology academies in the advanced occupational schools in the middle and western parts of China.