Commentary
China’s tech startup and venture capital boom over the last decade has produced some household names while stoking concerns that it would one day surpass innovation out of Silicon Valley.
But that momentum has waned recently.
Various reasons have dampened international funding into Chinese tech startups, including pandemic restrictions, the communist authority’s crackdown on tech, macroeconomic reasons such as higher interest rates, and growing geopolitical and national security concerns.
Zooming out, let’s review some stats.
Venture funding into China’s tech startups during 2022 totaled almost $70 billion across 6,186 transactions, according to data from PitchBook. That’s the lowest in terms of deal value since 2017, and 49 percent lower in value and 17 percent lower in volume compared to 2021….