China’s Startups Attract Record Funding Despite Tech Clampdown

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China is luring record levels of investment into the country’s technology sector, even as it clamps down on consumer-technology firms like Alibaba Group Holding Ltd. and ride-hailing company Didi Global Inc.

Unlike in previous years, when most Chinese tech funding went to internet startups in e-commerce, the bulk of the money in the past year headed into areas that hew more closely to Communist Party priorities, such as semiconductors, biotechnology and information technology.

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