Working Paper Details

China's Venture Capital Industry: Institutional Trajectories and System Structure
Jian Gao ; Steven White and Wei Zhang


The current structure of China’s venture capital industry is a recent phenomenon emerging from decades of government-led technology policy and a still-transitioning business system. This paper first traces the institutional and policy trajectories that have led to the current complex system in which technology-based new venture firms are being created and financed. It then compares the types of venture capital firms – government, corporate, university and foreign-backed – that have emerged in recent years as the primary agents financing new ventures in China. Case studies of venture capital firms and ventures that have been funded by them are used to identify general trends and important challenges to China’s current system for establishing and nurturing new technology-based firms.

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