The news: An increase in regulations from Beijing didn’t stop technology startups from thriving in 2021. Companies received a record $131.6 billion in VC funding, a 50% increase from 2020.
How we got here: China’s tech industry has seemingly weathered increasing government crackdowns stemming from Beijing’s attempts to consolidate and control its most profitable and powerful industries. 2021 went down as the year that China cracked down on Big Tech, per Protocol.
What’s next? While China still lags behind Silicon Valley in VC funding per Bloomberg data, competition between the two innovation hubs will intensify in 2022. In context, US startups achieved a record $396.6 billion in 2021, almost double that of their Chinese counterparts. 2022 should see continued investment in various tech-related sectors.
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