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11/02/2024 07:35:52 am

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China Hopes to Lure Silicon Valley Talents as Trump Tightens Immigration Laws

President-Elect Donald Trump And Vice President Elect Pence Hold Election Victory Rally In Ohio

(Photo : Getty Images) President-elect Donald Trump speaks during a stop at U.S. Bank Arena on December 1, 2016 in Cincinnati, Ohio.

While US President-elect Donald Trump vowed to tighten immigration laws, China is attempting to gain from such move by luring Silicon Valley talents away from the US and into the mainland.

NBC News reported that China has already offered up to $1 million incentive as signing bonuses for "outstanding" and generous subsidies for start-ups.

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Even Baidu CEO Robin Li said that Trump's initiative will be beneficial for Chinese innovation, according to Fortune.

He claimed that several Silicon Valley entrepreneurs have voice concern that Trump's decision may harm the US' capabilities to innovate. For this reason, Li welcomed immigrants to the mainland.

"I truly hope that these excellent talents from various countries will migrate to China and help China play a more important role on the stage of global innovation."

Meanwhile, commenting on Trump's plan, his chief strategist Steve Bannon said he does not necessarily favor the idea.

"When two-thirds or three-quarters of the CEOs in Silicon Valley are from South Asia or from Asia, I think...," he said. "A country is more than an economy. We're a civic society."

During his campaign, Trump has denounced the H-1B visa program, which has been used to employ at least 85,000 overseas skilled workers in the US.  Trump said that the program is bad for business and that it should be put to an end.

China's effort to employ foreign talents into the country has been hampered because of its strict internet censorship law.

However, Li argued that the world's innovation center is shifting as China is home to a strong 700 million internet users. Furthermore, the country is also emerging as the biggest e-commerce market in the world and leading innovator in mobile services. It has around 600 million smartphone users and the figure is expected to increase to 700 million in three years' time.

Li further noted that Trump's initiative will open an opportunity for China to lure more talents from different countries and mixed nationalities.

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