China’s Zhejiang province tops VC funding charts in 2024

China VC: Zhejiang Takes Lead

South China Morning Post notes Zhejiang province (Hangzhou) was the largest recipient of VC funding in 2024. The region – home to Alibaba and high-profile startups like DeepSeek and Unitree – has evolved from e-commerce into a high-tech hub, aided by generous government support (tax breaks, tech parks) and growth in AI/robotics industries. For example, Zhejiang-based AI firm DeepSeek released advanced open-source models, highlighting the province’s innovation potential.