China’s leader, Xi Jinping, worries about “black swans” (unexpected crises) and “grey rhinos” (big problems that are ignored). Recently he has been fretting about vanishing unicorns, too. In May he asked a group of bosses to explain why fewer Chinese startups were turning into these beasts: privately held startups with a valuation of a billion dollars or more. In June the State Council, China’s cabinet, acknowledged that investors were fearful of putting money into risky new ventures and that it was difficult to cash out.
The Economist
