TOKYO -- As tensions between Washington and Beijing intensify, Chinese startups are becoming less dependent on overseas venture capital and are increasingly turning to financing from local governments. During the first eight months of this year, they raised $6.6 billion from abroad, representing over 10% of total funding, a sharp drop from roughly 50% in all of 2018, according to financial data provider Shanghai DZH.
State-backed unicorns -- unlisted companies valued at $1 billion or more -- are set to multiply in China as dollar funding dries up amid worsening tensions between Beijing and Washington.
Datawatch
Beijing takes the reins of dollar-starved unicorns
Chinese startups struggle to secure the greenback as U.S.-China rift grows
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