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