Kean Fan Lim

Introduction In February 2022, the Bloomberg journalist Hancock (2022) published a report entitled How China’s communist officials became venture capitalists. The report began by spotlighting how NIO (Weilai, 蔚来), a high-profile electric vehicle manufacturer in China, overcame its financial difficulties after it received a venture capital (VC) investment of US$787 million in April 2020 from the municipal government of Hefei, the capital city of Anhui province.

Hostname: page-component-7f44ffd566-qwds2 Total loading time: 0 Render date: 2023-02-27T16:49:13.504Z Has data issue: true Feature Flags: { "useRatesEcommerce": false } hasContentIssue true Published online by Cambridge University Press: 27 February 2023 Rights & Permissions[Opens in a new window] Abstract This article addresses two interrelated questions pertaining to the Communist Party of China’s (CPC) attempt to internationalize the Chinese currency – the renminbi (RMB).