The rise of China’s VC-industrial complex
The state is reshaping one of the world’s biggest startup scenes—not necessarily for the better
A high-tech development zone in the city of Wuhan has been abuzz since March, when the local government announced the creation of a 10bn-yuan ($1.5bn) investment vehicle. The Optics Valley Hi-Tech Venture Capital Guidance Fund aims to combine the animal spirits of private capital with the industrial objectives of the state. Its general manager, Li Yang, told state media in late May that more than 80 private investors had submitted formal proposals. Ten of these are already in the process of being approved.
This article appeared in the Business section of the print edition under the headline “The VC-industrial complex”
From the July 2nd 2022 edition
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