As China strives to transform its economy and make a Silicon Valley in most of its 30-plus provinces, more than 780 local government funds pour $445 billion into the risky world of venture capital
As China attempts to transform its economy toward consumerism and curb debt-driven spending on infrastructure, it has encouraged provincial governments to try to stake their claim on the next billion-dollar startup by putting money into venture-capital businesses. They've deployed $445 billion, but one expert warned that the return on the investment is far from guaranteed and the flood of money could distort markets.
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Feb 24, 2017