China is putting Shenzhen at the front line for innovation. It's becoming a global hub for tech with new policies. Silicon Valley may soon face a tough competitor in this market. But, what does that really mean for companies? Are organisations headquartered in Silicon Valley already seeing a slow rise in competition where their employees are leaving for Asia?
If not, they may soon see the rise due to the fact that China is focusing on and investing heavily in the tech market. We've also seen this from other up-and-coming tech cities in India - check out a post from May: Tech cities reinforce India as a relocation hub.
Countries are already preparing for the shortage of talent globally and corporates will soon need to address this concern as well.
THE southern city of Shenzhen is the symbol of the transformative reforms launched by China 40 years ago: former fishing villages that morphed into a global manufacturing hub. Today Shenzhen is again at the heart of a new policy aimed at turning China into a high-tech innovator and shed its reputation as an assembly line for foreign companies or - worse - an imitator. Some of China's high-tech ambitions are running into suspicions about its intentions abroad, with the United States and others fearing that they pose security and espionage risks. But those who have witnessed Shenzhen's rise marvel at its evolution from hi-tech copycat to creator.