China

Both the US and China are putting forward national biotech strategies. Here is an idea of the disruptions to expect.

The value of VC deals in China tumbled 44% to $62.1bn by the end of October, but energy-related startups are still raising big rounds.

China has a policy of superclusters to drive growth and is increasingly incorporating corporate venture capital initiatives into these clusters.

Such enormous losses help explain why Bytedance in January said it was dissolving its corporate venturing unit.

Corporates are still investing in startups but valuations have fallen dramatically. Some areas such as China and healthcare have been hit hard.

The Chinese ride-hailing company's pullback from US markets emblematic of a shift to more geopolitically divided capital.

Financial performance of a sample of Chinese VCs ranged from 14% to 30% per annum, more stable than the range of returns of European and US VC.