CHENGDU, March 27 (Xinhua) -- Silicon Valley and southwest China's Chengdu City will set up a technology finance center in Chengdu, local authorities said Tuesday.

A signing ceremony for the project was held in Chengdu, capital of Sichuan Province, on Tuesday. Management consulting company Himgroup Holding, Inc., Silicon Valley City Group (Mountain View, Menlo Park and Dublin) and Chengdu Hi-Tech Zone Administrative Committee signed the memorandum.

A total of 30 million U.S. dollars will be invested to build the Chengdu-Silicon Valley Technology Finance Center, which is scheduled to start operations this year.

The new center will strengthen cooperation in artificial intelligence, information technology, medicine and technological finance between Chengdu and Silicon Valley, as well as incorporate innovative international resources.

The center will provide services covering technology transformation, financial services and free trade.

The center is expected to enhance exchanges between Chengdu and Silicon Valley in terms of capital and talent, and promote the globalization of small and medium-sized enterprises in the two places.