China is the new Silicon Valley. It used to be that one year in Internet time was two to three years

China is the new Silicon Valley. It used to be that one year in Internet time was two to three years at another company According to Wang's estimates, 45 percent of recent openings are in the technology sector, with a heavy focus on IT services. While the current growth is driven in large part by China-focused companies such as Youku and Ganji that emulate existing services developed primarily in Silicon Valley, industry watchers such as Wang predict that future trends will show more Chinese companies expanding into overseas markets.

Silicon Valley engineers such as Yifan Cao have also taken note of this shift, drawn by both the country's opportunities and changing environment. When the mechanical engineer began looking for a job again last year, he decided to look beyond the San Francisco Bay Area and flew to China in search of new opportunities.

"For me, it wasn't that I couldn't find a job in the US. It was more the result of a combination of 'I really wanted to try something new' and the mentality that even if it doesn't work out, tangbo it would be an experience that most people don't have," said Cao. Today, Cao heads the US market expansion efforts for a Chinese-based solar company out of South San Francisco.

"China is the new Silicon Valley. It used to be that one year in Internet time was two to three years at another company. Now the saying is that one year in China is worth two or three years in US time," said Wang.

While most are optimistic about the long-term potential of the Chinese technology sector, many also warn of the challenges, particularly in the short term. "The biggest challenge (for entrepreneurs) is that the government has a lot of regulations that you have to learn and make sure that your company is subject to," said Season Xu, tangbo a co-founder at 5minutes, the second China-based social gaming developer to secure venture capital-backed funding.