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Taking a peek into the VC world in China back in 2013~2016 gave me the same outlook of the industry. Of course I'm not close enough to give an accurate description as PG did, but the outlook is almost the same.

And for many times I think that modern funding is kinda broken. There is just too much $$ chasing around so few good companies and everyone is paranoid.

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Do you still have contact with VC in China now? Is it still like this?

As a (funded) foreigner in China I'd say it's really difficult for outsiders. However, if you are a so-called "haigui" (海龟) or overseas returnee Chinese, then obtaining funding and government support appears to be much easier. The whole HK thing hasn't helped.

I'm actually surprised to see funded foreigner in China. Basically it depends on how many connections you have, the more the easier. But I remember after the year 2016/2017 the funding starts to die down quite a bit comparing to previous years.

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