South Korean delegates from the Small&Medium Business Corporation pose before the logo of Zhongguancun Innovation Street in Beijing, on May 24. [Photo provided to chinadaily.com.cn]

Based on a newly inked deal, China's Silicon Valley will bring in South Korean startup schools and innovation centers.

Beijing's Zhongguancun Innovation Street (Inno Way) inked a memorandum of understanding with South Korea's Small&Medium Business Corporation (SBC) to exchange quality resources in more diverse sectors on May 24.

Lee Sangjik, president of the SBC, attended a seminar hosted by Nie Lixia, general manager of Inno way, and talked over detailed plans concerning every aspect of innovative and entrepreneurial services.

Lee Sangjik (L), president of the SBC, and Nie Lixia (R), general manager of Inno Way, signed the memorandum. [Photo provided to chinadaily.com.cn]

The SBC has set up a special fund totaling four trillion won ($3.72 billion) to rev up the stable management and sound growth of small and medium enterprises, according to Lee.

Lee also said that their startup school for South Korean youngsters has already borne fruit – it's had over 2,000 graduates since its establishment in 2010.

"We want to place an SBC innovation center in Beijing's Zhongguancun Science Park where South Korean companies and students can obtain unstinting support," Lee noted during the seminar.

"In order to encourage more Korean students to start their own business in China, Inno Way welcomes the idea of building a startup school in our science park," said Nie.

The delegation also visited the major innovative communities along the startup street.

The South Korean delegates rest in 3W Cafe, a famous entrepreneurial service platform in China. [Photo provided to chinadaily.com.cn]