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Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.

Heading into the new year, it wasn’t known that the coronavirus, known as COVD-19, would shutter much of China, slowing its industrial output, its services industry and more. But heading into 2020, China’s venture capital world was already in steep decline. This morning we’re exploring the country’s Q4 2019 venture capital results and pulling in fresh data from 2020 to get a handle on what’s happening in China today.