Arguably, today's venture firms would not exist today had the first government-backed funding initiatives, established in the 1990s, not taken the plunge to invest in university and research and development (R&D) centre spin-outs.

There are reportedly more than 1,000 VC firms active in China, on and offshore, many backed by Chinese government funding organisations, state-owned banks and corporations. According to the Emerging Market Private Equity Association, China accounted for 45% of all private equity fundraising for emerging markets in 2011. Arguably, these firms would not exist today had…

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