
China’s AI Startups Cut the Dollar Cord: From Silicon Valley Money to State Guidance
In the first eight months of 2025, Chinese technology startups raised only $6.6 billion from foreign investors — a mere 10 % of total fundraising, down from roughly 50 % in 2018 and 30 % as recently as 2021, according to PitchBook and China’s Zero2IPO Research. The shift is dramatic and deliberate. Beijing’s tightening of cross-border capital controls, combined with escalating U.S. export restrictions and investment screening, has pushed China’s entrepreneurial ecosystem into a new, more self-reliant era dominated by domestic — and increasingly state-linked — funding.













