According to data provided by IT Juzi, a Chinese venture capital data service provider, the number of start-up venture capital firms in China has declined from 51,302 in 2018 to 1,202 in 2023, and is likely to continue to decline in 2024, with a decrease of up to 98% in five years. Meanwhile, deals targeting Chinese startups, including U.S. investors, fell by as much as 88 percent between 2021 and 2023, from $47 billion to $5.60 billion.