KPMG: Shanghai is next Silicon Valley

How many Silicon Valleys can the world hold? In all likelihood, there will be one in China, namely Shanghai and its surrounding area - despite some obvious early-stage problems.

This is one of the findings of a recent survey by the global accounting firm KPMG, which rated Shanghai as the No.1 city in the next four years to rival Silicon Valley - the bastion of Apple, Google, Facebook and many other US high-tech companies.

The survey found 43 percent of global respondents believed the technology innovation center of the world is likely to move from Silicon Valley to another country in the next four years.