PitchBook：2025年中国高科技基金的影响报告（英文版）

Amid economic uncertainty and an escalating tech rivalry between China and the US, China’s VC activity has weakened significantly in recent years, with private investment declining across key deep-tech sectors. Against this backdrop, the high-tech fund—a state VC guidance fund—was introduced in March 2025 to revitalize innovation and sustain China’s push for technological self-sufficiency. By injecting 1 trillion yuan (roughly $138 billion) over 20 years, the fund aims to counteract declining