外资暴跌，美国以为得逞，中国反手掏出钱：投资中国就是投资未来

Group 1 - The Chinese venture capital sector has undergone significant changes in recent years, driven by U.S. government policies that have led to a sharp decline in U.S. dollar fund investments in Chinese technology [1][5] - In response, the Chinese government has established a National Venture Capital Guidance Fund with an investment of 100 billion RMB, planning for a long-term investment cycle of up to 20 years [1][14] - This fund aims to address the challenges posed by the withdrawal of foreign capital and to reshape the innovation capital ecosystem in China, focusing on strategic investments in hard technology [19] Group 2 - Over the past decade, foreign capital, particularly U.S. dollar funds, played a crucial role in China's venture capital market, accounting for approximately 40%-50% of the total investment in 2021, which was around 114 billion USD [3] - However, due to geopolitical tensions and policy adjustments, there has been a notable reduction in U.S. dollar fund investments in sensitive technology sectors, with a reported 40% year-on-year decline in 2023 [5][12] - Despite the contraction in sensitive areas, foreign capital has maintained stable investments in non-sensitive sectors, indicating that the overall foreign venture capital landscape has not experienced a complete collapse [6] Group 3 - The National Venture Capital Guidance Fund is designed with a unique structure of a 10-year investment period followed by a 10-year exit period, contrasting with the traditional 7-year investment and 3-year exit model of dollar funds [16] - This long-term approach allows for a focus on nurturing early-stage and startup companies, with 70% of the fund's capital allocated to seed and early-stage enterprises, promoting a more patient capital strategy [16][18] - The initiative is part of a broader effort to enhance China's technological innovation ecosystem, supported by fiscal policies and long-term bonds, aiming to cultivate globally competitive technology firms [18][19]