The much praised “Hefei model”, which successfully bred panel giant BOE, EV manufacturer NIO and memory leader CXMT, is the exception rather than the rule though.
This is because a China local leader usually only gets terms of on average 3-4 years before rotating to some other
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The much praised “Hefei model”, which successfully bred panel giant BOE, EV manufacturer NIO and memory leader CXMT, is the exception rather than the rule though.
This is because a China local leader usually only gets terms of on average 3-4 years before rotating to some other posts. For simple bureaucratic reasons, the successors don’t usually prioritize predecessors’ projects, if not to actively undermine them (which is also common).
For high-stake, high-risk project like these mega venture projects, such tendency to not follow the pre-designated roadmap can only be stronger.
This can, counter-intuitively, make Chinese local government venture funding even more short-sighted than western LPs.
This is why there is so been only one example of the “Hefei model” that’s considered successful, which is Hefei itself
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