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Cisco Announces Strategic Initiative With China Development Bank to Promote Sustainable Economic Growth in China
Innovative Strategy to Invest in High-Growth Chinese Companies Across Multiple Sectors
| Source: Cisco Systems, Inc.
BEIJING--(Marketwire - November 1, 2007) - Cisco® (NASDAQ : CSCO ) announced today that it
intends to collaborate with China Development Bank (CDB) to invest
in innovative Chinese companies leading the country's sustainable economic
development. The program was announced today at a press conference after a
memorandum of understanding signing ceremony attended by Gao Jian, vice
governor of the CDB and John Chambers, chairman and CEO of Cisco.
The joint initiative will focus on Chinese companies with strong growth
potential who are deploying innovative technologies in a range of market
segments, including information technology and communications, green
technology, education and healthcare, and other priority areas
that underpin China's long-term sustainable growth.
To manage the program, Cisco and CDB will establish a standing steering
committee to oversee collaboration and decisions between the parties.
Designated representatives of CDB and Cisco will hold regular meetings to
review and facilitate potential opportunities and existing collaboration
projects.
"Cisco has a long track record of driving IT market growth through
investment in the innovation economy," said Cisco Chairman and CEO, John
Chambers. "By collaborating with the CBD -- the key policy bank driving
China's market-led and balanced development initiatives -- we believe we
can make a meaningful impact to support high growth companies in China that
are supporting sustainable
long-term development."
Cisco's contribution to the strategic initiative adds to the company's
already sizable investments in China. Over the last several years, Cisco
has invested over USD $700 million in both direct and in-direct venture and
private equity investments in China. These investments are in addition to
Cisco's normal business operations in R&D, sales, service, capital
financing, and supply chain sourcing in China, which the company estimates
in excess of USD $8.5 billion during the last five years.
About China Development Bank (CDB)
China Development Bank (www.cdb.com.cn), founded in March 1994, is under
the direct jurisdiction of the State Council. At present it has 32 branches
and 4 representative offices across the country. CDB has been a major
player in long-term financing for key projects in infrastructure,
basic industries and pillar industries, which are vital to the development
of the national economy. During the recent years, CDB has enhanced its
support to the bottleneck sectors and development areas, including SMEs,
technology and innovation, energy saving and emission reduction,
environmental protection, and the development of New Rural Communities,
etc., in order to promote a harmonious society.
About Cisco Systems
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