The development of PE in China can be divided into four stages:

1. From 198s to 1998, the period of learning and exploring. The exploration and development of venture capital in China began in 198s. In the following 1 years, due to factors such as legal system and market environment, PE has not been able to make substantial progress. At this time, private equity funds in China are still in the learning and groping stage.

2. From 1998 to 27, it started in an all-round way and made rapid progress. In 1998, China published "Several Opinions on Establishing Venture Capital Mechanism", which ushered in a full-scale start-up period for PE in China. In 25, China published "Interim Measures for the Management of Venture Capital Enterprises", and in February 26, a series of policies such as "Decision of the Central Committee of the State Council on Implementing the Outline of Science and Technology Planning to Enhance Independent Innovation Ability" brought the PE market in China into a period of rapid development.

3.27-28 was a prosperous period. The market scale increased from less than 12 billion dollars in 24 to 28 billion dollars.

4. From 28 to now, it is a recovery period. The global financial crisis broke out at the end of 28, which led to the global economic downturn, and PE fund raising slowed down sharply in the fourth quarter of 28. By 29, PE in China ushered in the second investment climax under the influence of the aftermath of the financial crisis. Driven by the wave of policies, China PE has regained its enthusiasm and its momentum has soared.