中国政府助力国内科技初创企业繁荣发展

The Chinese government has spent more than $1bn on domestic start-ups in the hope of becoming a world leader in artificial intelligence and other technologies, according to accountancy KPMG.

会计师事务所毕马威(KPMG)的报告显示，中国政府已向国内初创企业投资逾10亿美元，寄望于中国成为人工智能等科技领域的全球领跑者。

The spending is part of the “Made in China 2025” plan, put in place in 2015, to improve China’s technology industry by spending hundreds of billions of dollars through venture capital funds guided by government policy.

这项支出是2015年实施的《中国制造2025》(Made in China 2025)计划的一部分，该计划将通过由政府政策引导的风投基金投入数千亿美元来提升中国的科技产业。

In recent years private investors around the world have cooled on funding early-stage companies, particularly in the US.

近年来，世界各地的私人投资者对处于发展早期阶段的企业、尤其是位于美国的此类企业的投资兴趣已经降温。

In the second quarter of this year, investments in private tech companies in Asia topped those in the US for the first time, according to analysis by CB Insights and PwC, with $19.3bn pouring into Asian start-ups compared with $18.4bn in the US, the traditional home of venture capital.

根据CB Insights和普华永道(PwC)的分析，今年第二季度，亚洲私人科技企业所获投资首次超过美国同类企业，亚洲初创企业获得了193亿美元投资，而风投传统大本营美国所获投资为184亿美元。

In China, the government has invested more than $1bn to date in early-stage funding to help young start-ups go commercial, according to KPMG. Beijing has made it a priority to support strategic technology sectors such as AI and robotics.

毕马威称，在中国，政府迄今已向处于发展早期阶段的企业投资逾10亿美元，以帮助年轻的初创企业实现盈利。中央政府已将扶持人工智能和机器人等战略科技领域当作重点任务。

“China needs to go to higher value-added manufacturing, and this is the government’s way of getting there,” said Jonas Short, Beijing head of Sun Hung Kai Financial.

新鸿基金融集团(Sun Hung Kai Financial)北京负责人乔纳斯•肖特(Jonas Short)表示：“中国需要走向较高附加值制造业，而这就是政府实现该目标的途径。”

As a result, local governments and state-owned companies have set up funds for investment in local tech companies. All cities have funds to distribute, ranging from $10m to $50m, according to KPMG.

其结果是，地方政府和国有企业建立起了用于投资当地科技企业的基金。毕马威称，各个城市均建立起了此类基金，基金金额从1000万到5000万美元不等。

Those “government guidance funds” are set to eclipse private VC funds in China in size, according to data compiled by SHKF. As of September 2016, government guidance funds had a total fundraising target of Rmb3.3tn ($500bn), compared with Rmb2.2tn raised in 2016 by private funds.

新鸿基金融集团汇编的数据显示，这些“政府引导型基金”的规模将令中国的私人风投基金相形见绌。截至2016年9月，政府引导型基金的筹资总目标达3.3万亿元人民币(合5000亿美元)，而私人基金在2016年筹集到的资金为2.2万亿元人民币。

“The aim is to provide support for strategic industries rather than control the firms,” Mr Short added.

肖特说：“其目标是向战略行业提供扶持，而不是控制这些企业。”

One of the largest guidance funds is owned by the provincial government of Hubei, which made a Rmb40bn injection into the Hubei Yangtze River Belt Industrial Fund — a fund of funds including other private investors that aims to reach Rmb200bn in size.

规模最大的政府引导型基金之一为湖北省政府所有。该省政府已向湖北省长江经济带产业基金(Hubei Yangtze River Belt Industrial Fund)注资400亿元人民币。该产业基金采用母基金形式，还包含其他私人投资者，目标是规模达到2000亿元人民币。

As of the end of May, the Jiangsu Provincial Government Investment Fund had raised Rmb80bn, of which Rmb10.3bn was given by the government.

截至5月底，江苏省政府投资基金(iangsu Provincial Government Investment Fund)已筹得800亿元人民币，其中江苏省政府出资103亿元人民币。

Chinese government support “has significantly sped up the development of early-stage tech start-ups in China”, said Philip Ng, partner at KPMG China. “Government-backed incentives, including tax incentives, grants, low- or no-interest loans and rental subsidies are offered to early-stage companies,” Mr Ng added.

毕马威中国的合伙人吴剑林(Philip Ng)表示，中国政府的扶持“大大加快了中国处于早期阶段的科技初创企业的发展”。他还表示：“处于发展早期阶段的企业正在获得由政府资助的各种激励，包括税收优惠、拨款、低息或无息贷款及租金补贴。”

The results can already be seen: the country is experiencing a boom in private fundraising by “unicorns” — tech companies valued at more than $1bn.

其结果已然可见：中国正在经历一场“独角兽”(估值逾10亿美元的科技企业)私募热潮。

China attracted $10.2bn of investment in the third quarter, according to KPMG, compared to a global total of $39.4bn. The mainland accounted for half of the top 10 global VC financings in the quarter, including the $2bn raised by Chinese news aggregator Toutiao.

毕马威称，中国在第三季度吸引了102亿美元投资，而全球的总额为394亿美元。在本季度全球风投融资前10强中，中国内地占了一半，其中包括融得20亿美元的中国新闻聚合应用今日头条(Toutiao)。