Xuan Tian
田轩
Xuan Tian is a professor of finance at Tsinghua University, where he serves as Associate Dean of the PBC School of Finance and as a chair professor of finance . He also heads the National Institute of Financial Research at Tsinghua . In the Chinese venture capital sphere, he is known for his research on VC cycles and "patient capital" — in 2024 he joined FreeS Capital's Li Feng for a public dialogue on how patient capital is cultivated, a topic that has since gained policy traction . He has also been a visible commentator on the state of China's primary market, offering measured pushback against claims that the market has ceased to exist .
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Coverage
Venture Capital Lens on the Two Sessions: Six Core Topics and Policy Roundup | FreeS Research --- Every March, China's "Two Sessions" — the annual meetings of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC) — draw widespread attention. For investors and entrepreneurs, the government work report and policy signals released during this period serve as a critical compass for the year ahead. In this article, the FreeS Research team examines the 2024 Two Sessions through a venture capital lens, identifying six core topics most relevant to the tech and startup ecosystem: **AI and digital economy, hard tech and advanced manufacturing, new energy and carbon neutrality, biotech and healthcare, consumption and domestic circulation,** and **capital markets and fundraising environment.** We also map out the specific policy measures and investment implications for each. --- ## 1. AI and the Digital Economy: From "Development" to "Application" AI was elevated to a new level of urgency at this year's Two Sessions. The government work report explicitly called for **"deepening R&D and application of AI"** and **"launching the 'AI+' initiative"** — a notable shift from previous years' emphasis on "development" and
Hoping this can offer a fresh perspective and some food for thought.
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