China's Private Sector Suffers Under Xi Jinping's Policies
- BioBay, a science park in Suzhou, is nearly deserted with many biotech start-ups having moved out or closed down. - The venture capital industry in China has seen a dramatic decline, with start-ups founded dropping from 51,302 in 2018 to 1,202 in 2023. - Political decisions by President Xi Jinping, including a crackdown on tech companies and anti-corruption measures, have stifled private business. - VC firms are now focusing on lower-risk investments and demanding personal liability from founders, leading to fewer high-risk ventures. - Many venture capitalists are looking overseas for opportunities as the domestic market continues to shrink. Source: [Financial Times]()
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