China has claimed that it has amassed Rmb12.5tn ($1.8tn) of state money across thousands of venture capital funds to achieve its goal of technological dominance by 2025.
But these state-controlled “guidance funds” have failed to spend much of the promised money and overlapping investment strategies may result in overcapacity in some technology sectors, according to a report.
“While the resources controlled by government guidance funds are clearly large, they are certainly much smaller than claimed,” said Lance Noble, author of the report and an analyst at Beijing research firm Gavekal Dragonomics.
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