US and China Internet giants launch Council of Digital Economy Cooperation

Linkedln, Tencent Holdings Ltd, Sequoia Capital and China Broadband Capital jointly initiated the US-China Council of Digital Economy Cooperation on Thursday at the World Internet Conference in Wuzhen, Zhejiang province.

It is designed to enhance cooperation and exchanges between US-China enterprises and entrepreneurs and embrace the opportunities for win-win cooperation brought by the digital economy.

At present, digital economy is a field that grows the fastest, produces the most innovations and has the greatest influence in the world, according to Reid Hoffman, founder of Linkedln.

"China and the US have developed the greatest companies and all of the Global Top 10 Internet companies in market capitalization come from China and the United States. Linkedln hopes to encourage more cooperation programs between China and US enterprises, thus promoting their development of the digital economy," he said.

Pony Ma, CEO of TenCent, said: "The Internet is characterized by openness and collaboration. Internet companies in the US and China have accumulated rich experience in their respective markets and cultures. China-US cooperation and exchanges in the digital economy can help enterprises co-build the positive industrial ecology for Internet development, thus improving people's quality of life through better Internet services."

As two representative countries in the era of the digital economy, US and China are seeing more active cross-border cooperation and investment between them. They have greatly complementary points in innovative environment, talents and research and development ability.

According to Neil Shen, founding & managing partner of Sequoia Capital China, Sequoia Capital has a more than 43-year history in the world. And Sequoia Capital China has been operating for over a decade.

"We are willing to make our contributions to development in the vast field of digital economy in the US and China," he said.

Edward Tian, founder and chairman of China Broadband Capital, said, "We are looking forward to collaborating with more companies both from China and the US to propel the development of the global digital economy."

After the council is established, branches will be established in both the US and China, so as to attract members and conduct cooperation, investment, exchanges and other activities in the field of digital economy.