" Thus, we rely on provincial or national research grants, and venture capital funds, rather than loans."

“因此，我们依赖省级或国家级的研究拨款和风险投资基金，而不是贷款。”

Venture funding as a whole fell over that period.

整个风险投资资金在此期间有所下降。

An executive at a big venture fund says that in the past, foreign investors in China knew the government would respect their capital.

一家大型风险基金的高管表示， 过去，在中国的外国投资者知道政府会尊重他们的资本。

So if you look at the two stocks, Pacific West and Western Alliance, they both have these businesses where they lend to venture capital funds and venture companies and start-ups.

因此，如果你看一下 Pacific West 和 Western Alliance 这两只股票，它们都有向风险投资基金、风险公司和初创企业提供贷款的业务。

Today, venture capital investing represents a significant focus of most institutional or corporate investment portfolios, and many of the largest venture funds are operated by major financial institutions, or by subsidiaries specifically designed for private equity investment.

今天，风险资本投资则是大多数机构投资证券组合或公司投资证券组合的一个重要的投资焦点，而且许多最大的风险基金是由主要的金融机构或专门从事私募投资的子公司运作的。