Poker fighter for pc12/12/2023 ![]() ![]() “In finance, information is currency,” said Yang, for whom a game of guandan has become a standard gambit before wining and dining local officials. Path to build connections amidst dimming investmentĪs investment prospects darken, financiers increasingly view the game as a way to build ‘guanxi’ or connections with officials who hold the purse strings on local projects, especially those overseas investors might consider too risky. Total US-based venture-capital investment in China plummeted to $9.7 billion (Rs 80,125,880 crore) last year from $32.9 billion (Rs 2.71 lakh core) in 2021, PitchBook data shows.ĭomestic private capital has also dwindled as President Xi Jinping signalled his preference for a bigger state presence in the economy by launching crackdowns over the last few years in areas from technology to real estate and private tutoring.
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