A reporter from the Daily Caller News Foundation discussed venture capital (VC) companies participating in competitions for entrepreneurs supported by the Chinese government, which are part of Beijing’s “technology transfer” strategy.
DCNF investigative reporter Philip Lenczycki described how five VC firms participated in the CCP’s “Thousand Talents” program during his appearance at Bannon’s War Room. GGV Capital, GSR Ventures, IDG Capital, Sequoia Capital and Walden International are reported to be acting as “angel investors” in startup project competitions supporting the Chinese government’s Thousand Talents Plan. (RELATED: ‘This is Amazing’: DCNF Reporter Discusses Biden’s Ties to Alleged Chinese Intel Operations)
“To understand this, I would ask you and your audience to go back to 2009. What was happening? We have Barack Obama taking office… The premiere of Avatar, the death of Michael Jackson, and in the summer around the same time we had the premiere of ABC’s ‘Shark Tank’,” Lenczycki said. “I bring this up because a few years later, the Chinese Communist Party launched a program that was suspiciously similar to the core premise of Shark Tank.”
In July, the House of Representatives Select Committee on the Chinese Communist Party launched an investigation into U.S. venture capital firms that it said were “financing problematic PRC companies.”
“It’s actually a combination of the actions of the Chinese Communist Party, persuading these people to come back and provide information,” Lenczycki said. “There are people who are encouraged to enter these competitions and use or commercialize their ideas. Then we have venture capital firms that put up the money and then will be the first to get a chance to invest in projects supported by the Chinese government.
“This has been going on for a decade,” Lenczycki added.
None of the VC firms targeted by Congress have been charged with any crimes or any illegal activity.
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