The Big Take
How China’s Communist Officials Became Venture Capitalists
Profitable investments in technology firms have made Hefei a model for provincial governments.
Illustration: Mark Wang for Bloomberg Markets
In early 2020, as the pandemic pushed it to the verge of bankruptcy, China’s highest-profile rival to Tesla Inc. was shunned by the venture capital funds and foreign investors that had powered its rise. So Nasdaq-listed Nio Inc. turned to China’s newest class of venture capitalists: Communist officials.