US network equipment maker Cisco Systems said on Friday that it will allocate $1 billion to support its newly unveiled "Cultivated Innovation Model" to boost local innovation in China, as part of its $16 billion investment commitment in the country.

The new model, unveiled on Friday, "is aimed at boosting local innovation through capital, technology, process expertise, incubation resources and leadership investments".

The model, Cisco said, will help it and its partners and customers accelerate their time to market span as they pursue new local and global market opportunities.