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China startup funding plunges to 8-year low in Q2

Decline in VC investments narrows gap between India and Southeast Asia

Observers in China are wondering whether a $1.2 billion fine against Didi Global may be a sign that Beijing will start easing its crackdown on tech giants. (Source photos by Reuters and AP) 

TOKYO -- Startup funding in China hit an eight-year low in the April-June quarter, as a tech crackdown and COVID-19 related restrictions weighed on the world's second largest economy.

Venture funding in China fell to $9.1 billion in the second quarter, halving from $18.1 billion in the previous quarter and hitting the lowest since the October-December quarter in 2014 ($5.5 billion), according to a report by KPMG. The first quarter figure was already a sharp decline from $32.1 billion in the fourth quarter of 2021.

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