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China hits record US$37b in VC deals in challenge to US

Xiaomi stumbled in its goal of selling 80 million smartphones last year as rivals copy its youthful style and online sales strategy.

Hong Kong

VENTURE capitalists poured a record US$37 billion into China startups last year, more than double the previous year's tally, as the country emerges as a legitimate challenger to the US for leadership of the technology industry.

The surge came as venture firms invested in...