China venture capital is being rebuilt around a very different set of forces. The old dollar-fund, consumer-internet playbook has given way to a market shaped by RMB capital, state-backed funding, hard-tech priorities, AI, robotics, semiconductors, advanced manufacturing and companies looking beyond China for growth. But more capital into strategic sectors does not automatically create global winners.
Bringing together investors and one of China’s most prominent emerging hard-tech companies, this panel will examine where private venture capital still has an edge, how state capital is changing incentives and company-building, whether RMB and dollar strategies can still coexist, and what it actually takes for Chinese hard-tech companies to scale internationally. It will also test the model from the company side: what kind of capital helps, where strategic or state-backed funding can create constraints, and whether access to abundant domestic capital translates into global competitiveness.
For global investors trying to understand China’s next venture cycle, the question is no longer simply whether the market has changed, but whether this new venture engine can turn state capital, private capital and hard-tech ambition into the next generation of category-defining global companies.
