Disruption: US-China Venture Capital in a New Era of Strategic Competition

US strategic doctrine is shifting from a presumption of eventual Chinese convergence with liberal market principles to an expectation of long-term systemic rivalry. This is reflected in a continuing reassessment of US interests and policies across all channels of economic engagement, with significant ramifications for two-way capital flows between the US and China.

Initially manifested through greater US regulatory attention to foreign direct investment (FDI), US policy changes have also led to greater scrutiny of other types of capital flows including venture capital (VC) financing of early-stage technology companies. However, public analysis on two-way VC dynamics has been limited. A new report produced by Rhodium Group for the US-China Investment Project reviews US-China venture capital trends from 2000 to 2019, analyzes drivers and discusses challenges for policymakers in the current environment.

The report and data visualizations are available at

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