Apparently there is almost $800B (7% of China's gdp) in Chinese government money in "venture guidance funds", basically government LPs. Originally the govt wanted to do direct venture investments but that proved challenging and strewn with conflicts
The article mentions that the govt funding may not be as large as it seems and that the government LPs don't have that much control over investment strategy, but the intent is there
https://www.chinamoneynetwork.com/2017/10/31/chinas-798b-gov...
Isn't this also official Chinese government policy?
Those Chinese tech VCs may be literally funded by the state and/or operating under its direction.