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China's state-linked investors backed 30% of top startup deals

Beijing competing with Washington for tech supremacy

Sectors such as renewable energy and clean tech are benefiting from the Chinese government's latest push to boost startup funding.   © Reuters

HONG KONG -- China's state-linked investors have emerged as front-runners in backing the country's top tech startups as Beijing continues its rivalry with Washington for tech supremacy.

State-backed investors participated in nearly 30% of the 100 biggest startup investments, or 30 megadeals, in 2021, marking threefold growth from a decade ago, when their contribution to startup transactions was less than 10%, according to data compiled by investment bank Taihecap.

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