Cisco pledges $10b to support local innovation, with an eye on govt procurement

Cisco Systems Inc, the US multinational technology company, on Wednesday pledged more than $10 billion in investment in China.

The cash injection, which will last "several years", will be used to "support local innovation, help with the country's ongoing transformation and support the growth of local economies and businesses", the San Francisco-based tech giant said in a statement.

Chairman and CEO John Chambers, and incoming CEO Chuck Robbins, revealed the ambitious plan in Beijing after meeting with top Chinese officials including Vice-Premier Wang Yang.