2024年前八个月，中国初创企业海外融资仅66亿美元，占总额逾10%，较2018年的约50%大幅下降；美元在融资中的占比自2010年代末的约50%持续下滑。政府系资本迅速扩大：2024年一季度，政府关联投资方参与约16%的融资轮，较十年前不足5%显著上升。受美元基金收缩影响，本土融资以人民币主导，总量自2021年峰值回落。中美紧张加剧、美国安全审查强化及VC剥离中国业务，使外资难以进入。

代表性案例为清华系的智谱AI，其股东包括京沪地方政府基金及阿里巴巴等IT巨头；尽管自2025年1月被美方列入出口限制清单、面临高端芯片采购受阻，该企业仍准备IPO，由中金主承销。制药、半导体、基础材料与AI等“国家战略”领域在2024年获得相对更多资本，推动“政策型独角兽”增长。此结构变化正重塑创新生态，并被视为北京削弱对美依赖的重要一步。

美国私营部门AI投资规模为中国的10倍以上，仍保持全球资本吸引力。然而管制也促使中国在如DeepSeek等领域产生替代性创新。风险投资者指出机器人与AI创业热度依旧旺盛。随着西方资本与中国企业间传统互利结构瓦解，外部投资者更难从中国技术中获益，经济联系弱化使双方对抗更难缓和，形成循环性收紧。

In the first eight months of 2024, Chinese startups secured only $6.6 billion from overseas, just over 10% of total funding and far below the roughly 50% share in 2018; the dollar share in fundraising, once about 50% in the late 2010s, has steadily contracted. Government-affiliated investors participated in about 16% of Q1 funding rounds, up from under 5% a decade earlier. With dollar capital retreating, most new funding is renminbi-denominated, and overall fundraising has declined from its 2021 peak amid tighter U.S. scrutiny and VC divestments from China.

Zhipu AI—backed by Beijing and Shanghai municipal funds and firms such as Alibaba—is preparing an IPO despite being added to U.S. export restrictions in January 2025, which constrain advanced chip procurement; CICC will lead the offering. In 2024, sectors aligned with national priorities—pharmaceuticals, semiconductors, basic materials, AI—captured disproportionate capital, accelerating the rise of policy-driven unicorns. This reconfiguration reflects Beijing’s strategy to reduce dependence on U.S. capital and technology.

U.S. private AI investment remains more than ten times China’s, preserving America’s financial edge, yet restrictions have at times catalyzed Chinese innovation, exemplified by DeepSeek. Investors note strong entrepreneurial momentum in robotics and AI. As the former symbiosis between Western capital and Chinese firms erodes, foreign investors gain fewer returns and less access to Chinese technologies, weakening economic ties and reinforcing an escalating cycle of strategic confrontation.