Hefei's state-led VC model created giants like NIO and CXMT. But is it sustainable? This piece analyzes the model's core mechanism, the immense financial and geopolitical risks, and what it all means.
When Government Plays VC: Why Smart Money is…
Hefei's state-led VC model created giants like NIO and CXMT. But is it sustainable? This piece analyzes the model's core mechanism, the immense financial and geopolitical risks, and what it all means.