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Xi Jinping at the Communist Party centenary in July. Photo: Qilai Shen/Bloomberg via Getty Images

China's increased scrutiny of capital markets isn't restricted to tech IPOs. It's also taking a harder look at private funds.

Driving the news: China's top securities regulator, Yi Huiman, today said in a speech that VC and buyout fund managers must better align their interests with those of limited partners, adding that the government is dedicated to rooting out embezzlement and public equities masquerading as private equities.

  • Huiman also decried public solicitation for private funds, which he said are at "in a critical period of transformation and development."

By the numbers: Chinese private equity and VC funds manage an estimated $2 trillion, more than tripling over the past four years. A lot of that growth was actively encouraged, and sometimes even directly enabled, by a government that believed its private sector was too reliant on bank lending.

The bottom line: This was a shot across the bow; a "clean your room or else" sort of message. If it's not heeded, Chinese regulators might be much more prescriptive, or even punitive, the next time around.

Go deeper

Oct 15, 2021 - World

First look: New bipartisan bill to counter China's economic coercion

Illustration: Rae Cook/Axios

A bipartisan group of lawmakers has announced a new bill that would establish an interagency task force to craft a response to China's use of economic measures to further its geopolitical goals.

Why it matters: The draft bill represents growing awareness in the U.S. that economic coercion is a cornerstone of the Chinese Communist Party's ability to project authoritarianism beyond its borders.

Virginia energy giant quietly boosts McAuliffe

Former Virginia Gov. Terry McAuliffe speaks during a campaign rally on Oct. 15 in Henrico, Virginia. Photo: Win McNamee/Getty Images

Virginia Democrat Terry McAuliffe has sworn off money from the Richmond company Dominion Energy. But the utility has found more subtle ways to back McAuliffe's gubernatorial bid, records show.

Driving the news: Dominion's political action committee has donated $200,000 to a murky political group called Accountability Virginia PAC, which has been running ads attacking Republican candidate Glenn Youngkin.

1 hour ago - Technology

Race and technology in America

Illustration: Annelise Capossela/Axios

The technology industry is famously determined to change the world — but its efforts to diversify its workforce and remove bias from its products haven't changed nearly enough.