Cisco plunges money into China

Cisco's next CEO, RobbinsNetworking company Cisco will spend $10 billion in mainland China over the next few years.

It said today that it had signed a memo of understanding (MOU) with the Chinese government to help create jobs, and help create a high tech industry in China.

Its major competitor in China is Huawei. But a host of other companies would like a slice of the Cisco pie.

CEO John Chambers met with vice prime minister Wang Yang in Beijing to announce the spend.

Cisco claimed in a statement that it – China – is in a “critical period of development”. Chambers said that it has a long term commitment to the growth of China.

He said that his company will help China to digitise just that bit more.

Newly fledged CEO Chuck Robbins – pictured –  added to the mix by affirming that Cisco is “deeply committed to our (sic) Chinese partners.”