China gets into venture capital (VC) funding, investing 338 billion USD (more than 2.2 trillion yuan) in tech startups from government-backed venture funds. It’s almost five times the amount VC firms invested globally in 2015.

The money comes mostly from tax revenues or state-backed loans, and is funneled to about 780 government-guided funds across the country. The investment is an effort to combat the slowing Chinese economy. Instead of depending on heavy industry, Premier Li Keqiang now wants to focus China’s funds on customer-based innovation through tech startups.

In 2014, China started a campaign supporting entrepreneurship, opening 1,600 high-tech incubators for startups ever since. These incubators invest in smaller startups in the hope of creating the next Xiaomi, Didi Kuaidi, and DJI.

Tech startups are increasingly seen as protection from the slowing Chinese economy. Even wealthy private investors in China are investing their funds in tech startups. There are now 15,857 limited partners that disclosed private equity and VC funds investment totaling 6.1 trillion yuan, according to Zero2IPO Group.

This means smaller startups in China will get their chance, instead of unicorns.

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