At least 80% of China’s tech start-ups are optimistic about the nation’s macroeconomic environment, according to a report published by the country’s first technology bank, SPD Silicon Valley Bank, China News Service reported.
The 2018 report shows the government’s concern for the innovative economy and the iterative growth of China’s consumer groups are the main reasons why innovative companies are optimistic about the business environment.
Previously, data from Alibaba Cloud also showed that in China, on average, seven start-ups are created every minute.
However, financing and talent recruiting are still considered to be the two biggest challenges.
It was reported that 88% of tech entrepreneurs find raising money difficult, 35% of them said their funding source is venture capital, while 20% said it comes from the private placements.
Also, 66% of tech entrepreneurs think it is very difficult to recruit talent who are the right fit for available positions.