Caixin
Jan 10, 2022 04:29 PM
TECH

China Venture Funding Hits Record $131 Billion Despite Crackdown

pictureSignage for Alibaba Group Holding Ltd. displayed at the company's headquarters in Hangzhou on Nov. 10, 2021. Photo: Bloomberg
pictureSignage for Alibaba Group Holding Ltd. displayed at the company's headquarters in Hangzhou on Nov. 10, 2021. Photo: Bloomberg

(Bloomberg) — When China’s government launched a sweeping crackdown on the technology industry over the summer, panicky venture capital investors stopped writing checks and startup valuations began to plummet. It looked like the country’s historic innovation boom was over.

Then a strange thing happened: In just a matter of weeks, the startup machine kicked back into gear. In fact, venture capital investments in China reached $130.6 billion for 2021, according to the research firm Preqin. That set a new record for the country — about 50% higher than the $86.7 billion total the year before.

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