Beijing becomes new 'valley'

Beijing is home to the most new software companies created outside the United States since 2003, and they are valued at more than $1 billion, Atomico, a venture capital investor, said on its website.

The city is the base for 17 of the companies, including Internet security provider Qihoo 360 Technology Co, said Atomico, led by Skype co-founder Niklas Zennstrom. Northern California's Silicon Valley area has the largest pool of big software companies, with the region accounting for 39 percent of all large software enterprises worldwide.

Beijing, including the Zhongguancun district that has been called China's Silicon Valley, is benefiting from a concentration of software developers that are helping the economy reduce its reliance on manufacturing. The city also hosts the most new software developers to start in the business since 2003, according to Atomico, a sign of the capital's power as a magnet for the growing global industry.