US tech accelerator pins hopes on nation's rapid strides

Innovation is developing faster in China than anywhere else in the world, providing a fertile ground for both Chinese and foreign startups to grow, according to top industry leaders.

"China is now the fastest-growing market for us. Its innovation system is truly developing with an unprecedented speed," said Saeed Amidi, founder and global CEO of Plug and Play, one of the world's largest technology startup accelerators.

As a newcomer to China, Amidi said Chinese startups have had an "amazing" rise in quality in the last year, even beyond his expectations.