THIS:

"As Western VC & domestic private wealth retreat, the govt has been steadily expanding its role in the market, constructing a state-capitalist apparatus blurring the line b/t public policy & private equity. ...This public capital flows thru a layered matrix of national funds, local investment vehicles, SOEs & privately managed funds. It is a system that converts top-down policy priorities into private-market bets... Last yr, state-affiliated investors supplied >90% of the committed capi — via @ChinaBeigeBook

Retreat of private capital and government expansion into state-capitalist apparatus signals major market shift.