Ties That Bind - Bay Area Council Economic Institute

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4. Investment: Building Global Businesses in a New China..........................................................105 Startups and Turnarounds on a Grand Scale........................................................................106 Venture Funding Accelerates ..................................................................................................111 Biotech and Healthcare Look Offshore ................................................................................115 China Grows Its Semiconductor Sector................................................................................118 The Intellectual Property Hurdle............................................................................................128 5. Building Bridges, Leveraging Assets..............................................................................................137 Acknowledgments ............................................................................................................................143 Sources................................................................................................................................................147
Introduction About This Report The Bay Area has a long history of close economic and cultural ties to “Greater China”—including Hong Kong and Taiwan, whose own economies are being increasingly integrated with the mainland through trade and investment. The purpose of this report is to provide a picture of the breadth, depth and value of the Bay Area’s connection to Greater China, and assess the contribution this relationship makes to the regional economy. We will examine historic connections, dating back to the arrival of U.S. merchant ships in Canton harbor and the arrival of the first Chinese immigrants to San Francisco in the mid-1800s. We will consider the community, professional, academic and other networks that have developed in the Bay Area’s Chinese-American community over time. And we will offer a look at key Bay Area business sectors, and the cross-fertilization of Northern California and Chinese companies, talent and ideas. No study of this kind can claim to be exhaustive: Inevitably some individuals, businesses, institutions and even industry sectors may not receive the attention and analysis they deserve. Our objective is, through examples, to convey the breadth and depth of the overall Bay Area-Greater China relationship and the market and policy environment in which it operates. The Bay Area-Greater China relationship is, in many respects, a unique economic asset that leverages comparative advantages on both sides of the Pacific: The region’s educational institutions and technology-led economy for decades have attracted students, scientists and technologists from Greater China, who in turn have made major contributions to the Bay Area and its economy. From semiconductors to venture capital, architecture and urban planning to legal services, and all aspects of the internet, Bay Area companies have pioneered the opening of China’s economy to international trade and investment. In doing so, they have contributed to economic growth at home, and influenced the course of Chinese development. In the process they have positioned the San Francisco Bay Area as the premier portal in the country for U.S.-China exchange. It is not, however, a relationship that can be taken for granted. In a final section, we will discuss a number of strategies and ideas for strengthening U.S. competitiveness, for nurturing and expanding existing cross-border ties, and for avoiding policy missteps which can erode the economic opportunities as the China market matures. China Enters the World Stage China’s entry into the World Trade Organization (WTO) in December 2001 accelerated an already unprecedented economic expansion. While economic reform has been underway since the 1
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Page 21 and 22: 1 A Rich History of Work and Reward
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Page 29 and 30: 2 New Networks Emerge The Bay Area
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Bay Area-China Trade: Behind the Nu
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4 Investment: Building Global Busin
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Investment: Building Global Busines
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5 Building Bridges, Leveraging Asse
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Building Bridges, Leveraging Assets
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Building Bridges, Leveraging Assets
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Acknowledgments This report was co-
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Walter Reichert Hewlett-Packard Co.
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Sources Introduction American Chamb
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Sources Hicks, John D. “The Ameri
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Financial Services Sources “A Gre
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Sources Schmitt, Kellie, “Lost Ho
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Sources “China-Based Worksoft Cre
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Sources Guerin, Didier, “Human Ca
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Sources Cooper, Chris, Ken DeWoskin
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Sources Liou, Fu Tai, “How Taiwan
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Bay Area Economic Forum 201 Califor
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