Fosun International, one of China's biggest private conglomerates, acquired Israeli medical device firm Alma Lasers for 222 million U.S. dollars in 2013.
China's major food manufacturer Bright Food closed a deal in 2015 to purchase a majority stake in Israeli dairy giant Tnuva, a deal the Bright Food executive said would creates synergy in R&D.
The increase in cooperation between China and Israel is not surprising. Partnerships between the two countries can be traced back to the ancient Silk Road, according to Philippe Metoudi, co-author of the book "Israel and China: From Silk Road to Innovation Highway.
While differences exist, the Israelis and the Chinese still have many in common, Metoudi said. Their views on education, family values and appreciation for history, for example, are all shared philosophies that will help further boost long-term cooperation between the two nations.
"We don't speak the same language, but we speak the same 'language' -- we have the same ideas, the same values," Metoudi said.
MORE THAN MONEY
As China transforms into a more innovation-driven economy, it's speeding up efforts to partner with Israel to strengthen its own technological might.
For Israeli officials, helping create a better startup ecosystem in China also benefits local firms.
"It's not only about money," said Ophir Gore, head of the trade mission at the Embassy of Israel in Beijing. "It's getting access to the Chinese market."
In the past few years, China and Israel stepped up academic exchanges and R&D collaboration.
The recent establishment of Guangdong Technion-Israel Institute of Technology, a partnership between China's Shantou University and the Israel's Technion, is a prime example of the attempt by the two countries to cooperate in higher education.
Platforms such as the Changzhou Innovation Park in southern China provide physical proximity for Israeli firms to get funds and collaborate with Chinese companies in industrial R&D.
Israeli officials are further calling for Chinese companies to build R&D centers and set up production lines in Israel, pledging the best platform and grants from the government.
With growing academic cooperation, collaborative programs, and shared vision from both governments, "the golden age for Israel-China innovation cooperation has come," said Yin Hejun, China's Vice Minister of Science and Technology.
