China startup funding plunges to 8-year low in Q2

TOKYO — Startup funding in China hit an eight-year low in the April-June quarter, as a tech crackdown and COVID-19 related restrictions weighed on the world’s second largest economy.

Venture funding in China fell to $9.1 billion in the second quarter, halving from $18.1 billion in the previous quarter and hitting the lowest since the October-December quarter in 2014 ($5.5 billion), according to a report by KPMG. The first quarter figure was already a sharp decline from $32.1 billion in the fourth quarter of 2021.