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"GIX is the first education and research outreach that Tsinghua University has set up overseas and also the first physical presence of Chinese universities in the United States," Yong Qiu, president of Tsinghua University, said at the ceremony.

"Good entrepreneurship education can lead to entrepreneurial success and help promote an entrepreneurial culture," said Mao Donghui, executive director of X-Lab of Tsinghua, a startup incubator education platform. "This explains why entrepreneurship academics become popular in the West.

"Hangzhou embraces new tech and welcomes new businesses, which is unique compared with other cities," said Gong Hongjia, an angel investor who has profited from previous investments in Hangzhou Hikvision Digital Technology Co, in an interview with local media.

"Finance would become one of the backbone industries for economic growth in the future, as it would help diversify its industrial structure," said Li Zhan, chief economist with Zhongshan Securities.

"Growth of mobile payment tools is faster than that of any other payment models. The trend indicates that mobile payments will become the mainstream payment model across China in the near future," said Zhou Yuedong, vice-president of the credit card division of ICBC, the country's largest lender.