Economist:
In 2020 Mr Xi began worrying about a “disorderly expansion of capital” as tech giants moved into businesses over which the state wanted tight control. Regulators lashed out, alarming entrepreneurs and investors. ...
The environment has become so forbidding that some firms are switching nationality [to the US]. ...
The Chinese government may now see the error of its ways. Mr Xi and the prime minister, Li Qiang, have been meeting entrepreneurs, urging them to invest and innovate. ...
US financing has fallen off, above, so the Chinese Government is stepping in. But, this investment comes with strings, and threats:
“Our job all day,” says one fund manager in Beijing, “is to figure out where the government is going to be investing and bet on it.” And investors who lose money, as VCs often do, risk graft charges when using state funds.
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