China's Innovation Advantage by Sramana Mitra
"The venture capital market in China really only opened up in the mid-1990s," Chao says. "Business law came into effect in China in the late 1980s. There was not very much access to capital. IDG was there in the early 1990s, but that was a slow process. There were firms like Walden and WI Harper that originally did a lot of Taiwan deals and then did a deal or two in China. In 1999, we made an investment in 51Job, which is the Monster.com of China."