Uber CEO: China to surpass Silicon Valley in innovation

Watch out, Silicon Valley. China's out to eat your lunch.

So says Travis Kalanick, the Silicon Valley pioneer who steered Uber Technologies Inc. to a larger valuation than four-fifths of the companies on the Standard & Poor's 500 Index. He's now setting his sights on China: The ride-hailing company's domestic unit is valued at more than $8 billion after taking more money after the closure of its latest funding round, Kalanick told reporters in Beijing.

The Uber Chief Executive, who's personally overseeing Uber's come-from-behind battle against Didi Kuaidi, argued the country's growing cohort of entrepreneurs will eventually eclipse those that have made the Bay Area a cradle of global technology innovation.