China’s CNY1 Trillion Tech Fund Is Taking Shape—Here’s How the State-Backed VC Machine Works
China’s National Venture Capital Guidance Fund is moving from a trillion-yuan headline into a long-term financing system designed to steer capital toward some of the country’s riskiest technology bets. Launched in December 2025, the initiative starts with CNY100 billion in central-government capital and aims to mobilize more than CNY1 trillion through regional investment vehicles, private … Read more