Located in the heart of buzzing Silicon Valley and overlooking the arterial California highway 101, Zhongguancun Silicon Valley Innovation Center stands out with the name of the building in glaring square characters, declaring a new era in China's technology story.

The Beijing-Silicon Valley Talent and Technology Summit, which was held in the center on Wednesday, marked a concrete step forward.

"China has reached a stage at which it yearns for good tech talent and innovation," said Chen Jining, acting mayor of Beijing, in his keynote speech. "We need to address many challenges we are having with advanced high-tech and innovations."