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...