“China’s secret goal is to crush Silicon Valley” – a special CNBC.com report written by Rebecca Fanin, it is reported “China is outpacing Silicon Valley and other hot spots globally with its sheer scale, start-up culture, government support of important sectors such as artificial intelligence and abundance of venture cash. Venture capital firms investing in China are well into raising successive funds. One of the pioneers is Shanghai-based Qiming Venture Partners’, which just raised $1.39 billion for three new funds to invest in emerging technology companies.” It is very true that many Chinese venture capital funds have government background or involvement. Their goal is to encourage Chinese innovations in IoT, AI, and other high tech sectors. If you ever travel to Shanghai, Beijing, Shenzhen, or even 2nd and tier 3rd tier cities, you will notice many state or provincial funded innovation centers, entrepreneurship parks, and these high tech parks and startups also receive funding from private sectors.
China’s recent efforts and progress are very alarming to Silicon Valley, this is a good article to share, read the report at https://www.cnbc.com/