In Q2’21 as many countries were unlocked with the vaccine promotion, global financial markets began to have high liquidity, the interest rates in various countries remained stable, and the global stock markets rose. World economies have seen diverged trends depending on their recovery from the pandemic. China's economy in Q2’21 continued its strong recovery in the previous quarter, with a real GDP growth rate of 7.9%. In terms of trade, China's trade surplus in goods was 882.8 billion yuan, down 17.4% YoY. In addition, the yield of 10-year U.S. Treasury bonds was 1.5%, down 20bp from the end of last quarter. The International Monetary Fund (IMF) predicts that the economic growth of the U.S. will be as high as 7.0% in 2021, the highest in decades. At the exchange rate level, the US dollar continued to fluctuate within a narrow range, the Japanese yen continued to depreciate, and the RMB exchange rate was relatively stable. The exchange rates of emerging economies with high financial fragility, such as Argentina and Turkey, continued to depreciate, while those of BRICS countries generally appreciated. After the Federal Reserve's meeting on interest rates in June 2021, the yield of long-term U.S. treasury bonds showed a downward trend. If monetary policy easing began to tighten marginally, it would exert great pressure on the stock market's rebound. On the whole, the variants of Covid-19 pose a challenge to the global economic recovery.

自2018年资管新规发布以来，金融行业监管趋严，整治金融乱象、防范金融风险成为政策环境主基调。市场资金总体呈现趋紧态势，创业投资市场亦不能幸免，“募资难”成了投资机构普遍面临的难题，加之2020年疫情的全面爆发，对处于资本寒冬的 VC 市场雪上加霜。但随着2021年疫情得到有效控制，我国出台多项利好政策和产业支持方针，募投退市场整体呈现持续回暖态势。根据清科研究中心旗下私募通数据显示，2021年第二季度共新募集271支可投资于中国大陆的基金，同比上升68.3%，环比上升34.2%；新募规模达862.41亿元人民币，同比上升99.8%，环比上升68.3%；平均新增资本量为3.18亿元人民币。

In Q1’21, with a variety of vaccines available on the market, the global economy has rebounded on an accelerated track after registering positive growth in the fourth quarter of 2020, but performance of different countries varies greatly. 2021 marks the start of China's 14th Five-Year Plan period and China's economy is enjoying a sustained and stable recovery. In Q1’20, China's GDP experienced negative growth, down by 6.8% YoY. In Q1’21, China's GDP increased significantly YoY and the trade surplus expanded. The 10-year U.S. Treasury bond yield increased by an average of 47bp compared with the previous quarter. The U.S. dollar depreciated first and then rose; the British pound was relatively stable, the Australian dollar depreciated slightly, and the euro and the yen depreciated by a large margin. The currency exchange rates of most emerging economies rose first and then fell, with little fluctuation over Q4’20. Capital flew back to the United States, and emerging economies were facing the challenge of capital outflow. U.S. stocks began to diverge with the Dow Jones Industrial Index continuing to rise and the Nasdaq Index beginning to go downward. In the latest issue of the World Economic Outlook Report, IMF’s projections for the global economic growth for 2021 and 2022 grew, which may cause widening gap in living standards among countries. China's GDP has returned to the pre-Covid level and the United States is expected to return to the level before the outbreak this year, but many emerging markets will not return to the pre-pandemic level until 2023. Overall, the global economy is projected to grow 6% in 2021 and 4.4% in 2022. While the global economy became stabilized, the recovery process is divided and uncertain.

根据清科研究中心旗下私募通数据显示，2021年第一季度中国创业投资市场共新募集202支可投资于中国大陆的基金，同比上升77.2%，环比下降17.2%；新增资本量共发生675.69亿元人民币，同比增长119.0%，环比上升19.8%，平均募资规模为3.35亿元人民币。投资方面，一季度中国VC市场共发生802起投资事件，同比上升22.6%，环比下降2.6%，其中有732起披露金额案例，涉及投资额共612.98亿元人民币，同比上升102.9%，环比下降2.3%；从平均投资金额来看，本季度单起投资金额为0.84亿元人民币。退出方面，2021年第一季度共发生339笔VC退出交易，同比上升22.4%，环比上升17.3%。

By the end of 2020, the available capital of China’s and foreign VC firms that can invest in mainland China reached RMB966.32 billion, up 5.3% YoY, yet a slowing down growth rate for 5 consecutive years. Two factors were at play here. On the one hand, in terms of funding sources, fundraising was still difficult with newly-raised funds at a low level for 5 years. On the other hand, there were many large investment deals and total investment amount rebounded at the same time.

2020年我国创业投资市场募、投稍有回暖，注册制改革稳步推进退出案例数又创新高。