Remember this?
absolute and total collapse of the VC environment in China with no parallel magnitude anywhere else. Current Chinese firms at the technological frontier - EVs and semiconductors - rode the VC wave many years ago at the peak; the current compete dearth of equity funding suggests the future years will not be so productive.
Innovation requires an entire ecosystem of a supportive business environment, financial intermediation, human capital, among others. human capital is simply not enough (and the lack of firms now means there will be a lack of “know how” human capital for China years into the future due to a lack of firm-specific experience)
How much difference a few days can make, it went from this:
To this:
In a matter of days. I suppose the next talking point would be China is doomed because it's getting too much investment money and is driving up a bubble.
Meanwhile:

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