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How China has ‘throttled’ its private sector
Venture capital finance has dried up amid political and economic pressures, prompting a dramatic fall in new company formation Tencent’s Pony Ma, left, and Alibaba’s Jack Ma, centre, helped make China a top VC market, but big-name funds such as Neil Shen’s HongShan are struggling to find lucrative investments in the country © FT montage; Getty Images
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