China becomes 2nd largest venture capital destination after U.S

Beijing  –  National Development and Reform Commission (NDRC) on Friday said China has become the world’s second largest destination for venture capital (VC) after the U.S.

Deputy Head of the NDRC Lin Nianxiu said at a news briefing that VC and angel investment are growing rapidly, claiming there are over 3,000 funds managing more than 1 trillion Yuan (around 150 billion dollars).

“Chinese start-ups have become a new favourite for investors.

“The number of new firms has continued to increase due to easier market access.

“About 1 million companies were registered in Q1, up 25.9 per cent from a year ago, while emerging and modern tertiary sectors led the trend,’’ Lin said.

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Report says the service sector grows 7.6 per cent year on year in Q1, outpacing a 6.7-per cent GDP increase. (Xinhua/NAN)

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