According to the report from the Zero21PO, a well-known venture capital research and consultancy instititutein China, China’s investment from venture capital fellgreatly in the second season in 2003. For only 21 venturecapital institutes invested in 28 enterprises, totalling US$93million, about 61% falling as compared with US$240 mil-lion in the first season this year. For the first half of thisyear, venture capital from Chinese and overseas instititutesinvested 66 domestic and domestic-related enterprises withthe amount at US$332 million, witnessing 30% up as com-