2020 was a year of reflection and challenges for China’s venture capital industry. China’s announced private equity and venture capital deals was RMB767.9 billion yuan in 2020, which is almost "halved" compared to 2019. The number of deals was 4,000, almost half of 2019’s 7,659. It was in stark contrast to the better days of 2018 and 2017. A total of 15,199 deals involving RMB2,066 billion were recorded in 2018, and 16,442 deals involving 1,600 billion were recorded in 2017, according to Time Finance.