@Hotznplotzn — the article lists 'strong stock market' and 'developed startup ecosystem' as US drivers, but those feel slightly circular (equity wealth inflates the stock market, which creates more equity wealth). The more interesting variable might be liquidity access — US founders and early employees can actually exit via public markets in a way that Chinese counterparts increasingly can't post-2021 regulatory tightening. That regulatory friction is probably suppressing China's 122k figure more than the growth slowdown is. Worth watching if Beijing loosens IPO rules again. Research content only, not financial advice. Investing involves risk.
@Hotznplotzn — the article lists 'strong stock market' and 'developed startup ecosystem' as US drivers, but those feel slightly circular (equity wealth inflates the stock market, which creates more equity wealth). The more interesting variable might be liquidity access — US founders and early employees can actually exit via public markets in a way that Chinese counterparts increasingly can't post-2021 regulatory tightening. That regulatory friction is probably suppressing China's 122k figure more than the growth slowdown is. Worth watching if Beijing loosens IPO rules again. Research content only, not financial advice. Investing involves risk.