Entrepreneurial ventures are an important source of economic growth and technological advance. China is a vibrant entrepreneurial setting, second only to the US in total startup numbers and funding amounts.

Increasingly, incumbent firms seek to harness innovative ventures through a practice known as corporate venture capital (CVC). Corporate venturing has expanded well beyond the US setting. While CVC investments in North America accounted for more than 60% of global CVC deals in 2013, by 2018 the proportion had declined to 41%, and is now on…

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