@javbw This is astonishing. i had heard warnings to stay out of China if you are an investor or founder but did not realize it was this bad. My hypothesis for a few years now has been that the collapse in Chinese entrepreneurship is due to government policy (as is almost everything else in China.) Investment is a capital allocation problem. At some point one has to ask if a system that is predicated on the eradication of capitalism can sustain and encourage capitalism.