China Gets $37 Billion Closer to Taking the U.S.'s Tech Crown
- Value of VC investments last year more than doubles from 2014
- Investments declined about 40 percent in the fourth quarter
Workers use computers at their desks inside Tech Temple, a co-working space for start-up companies sponsored by Infinity Ventures Partners, in Beijing, China, on Thursday, March 12, 2015. China's central bank is easing monetary policy to support growth even as the U.S. Federal Reserve gets closer to raising borrowing costs.
Photographer: Tomohiro Ohsumi/BloombergVenture capitalists poured a record $37 billion into China startups last year, more than double the previous year’s tally, as the country emerges as a legitimate challenger to the U.S. for leadership of the technology industry.
The surge came as venture firms invested in 1,555 China deals, according to London consultancy Preqin Ltd.The pace of deals slowed in the fourth quarter, with the value of investments dropping about 40 percent amid a shakeout in Internet services.