In an enlightening episode of the podcast series China Considered, Dr. Elizabeth Economy engages in a profound discussion with Gary Rieschel, the Founding Managing Partner of Qiming Venture Partners. Their conversation delves into Rieschel's extensive experience spanning over two decades in the realm of venture capital within China. He shares insights from his journey of establishing Qiming in 2006, exploring the business and entrepreneurial landscape that has evolved dramatically throughout the 21st century.

Rieschel begins by recounting the formidable challenges he and his peers faced in the early days of the venture capital sector in China. These obstacles included a lack of infrastructure and the complexities involved in securing trustworthy partners. Despite these hurdles, the late 2000s and the 2010s marked a period of significant growth and transformation in the VC landscape, as capital flowed into innovative startups and technology firms that would later define Chinas economic expansion.

As their conversation progresses, Economy and Rieschel examine the intricate relationship between the government and the venture capital industry. Rieschel points to the complications that arise when State-Owned Enterprises (SOEs) dominate the market, illustrating how government directives can shape technological advancements and business practices. He discusses the recent crackdown on private enterprises under the leadership of Xi Jinping, highlighting the impact such policies have had on the once-booming startup ecosystem.

The dialogue culminates in a thoughtful reflection on the current state of US-China relations. Rieschel offers his perspective on the strategies that the United States can employ in order to remain competitive in this new era of global commerce and technology. This discussion is particularly pertinent as tensions continue to mount between the two superpowers, influencing global economic and geopolitical dynamics.

Recorded on April 15, 2025, this episode is not just a retrospective on Rieschels career but also a critical analysis of the forces shaping the future relationship between the United States and China.

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ABOUT THE SPEAKERS

Gary Rieschel stands out as a pivotal figure in the venture capital landscape, having founded Qiming Venture Partners in Shanghai in 2006. The firm has a strong focus on Technology and Consumer (T&C) and Healthcare sectors, employing over 100 professionals across China and the United States. With an impressive $9.5 billion USD in capital raised, Qiming has been instrumental in nurturing some of the most influential startups in today's economy.

Before establishing Qiming, Rieschel held senior executive positions at industry giants such as Intel, Sequent Computer, Cisco Systems, and Softbank Corporation. His venture capital journey commenced in 1995 when he developed Softbanks U.S. venture group, which resulted in investing in twelve companies that soared to valuations exceeding $1 billion USD. Rieschel played a key role in the emergence of the VC sector in China by sponsoring and founding several early VC firms, including Softbank China Ventures and SAIF Partners.

Elizabeth Economy, who facilitates this discussion, is a renowned expert on Chinese affairs. She serves as the Hargrove Senior Fellow and co-director of the Program on the US, China, and the World at the Hoover Institution. Her extensive background includes a recent tenure as a senior advisor for China to the US Secretary of Commerce. She has authored four significant books on China, including The World According to China, and holds influential positions on various boards focused on US-China relations.

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ABOUT THE SERIES

China Considered is a thought-provoking podcast series produced by the Hoover Institution. It features in-depth conversations with prominent political figures, scholars, and activists from around the globe, unpacking the complex forces that shape China's future and its global interactions. The series aims to provide high-level expertise and insightful analysis to shed light on the dynamic changes in China and their implications for individuals, governments, and the private sector around the world.