China technology funding hits record high on boom in semiconductors, health care amid tech war, Covid-19

Funding for Chinese start-ups hit a record high last year, boosted by investments in semiconductors and health care amid a tech war and ongoing Covid-19 restrictions, while the internet and video gaming sectors fell out of favour after Beijing’s harsh regulatory crackdown.Total funding for private sector firms in the “new economy” – a term that covers 21 sectors mostly in hi-tech and the internet – totalled 1.89 trillion yuan (US$296 billion) in 2021, up 6.6 per cent from the year before,…


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