Thanks to the rapid upgrading of the entrepreneurial ecosystem, China has become the fastest growing country outside of the U.S.. Over the last two decades, China has been the birthplace of several unicorn startups, or companies exceeding a 1 billion dollar valuation.

Statistics show that China now has more unicorn startups than the U.S., sitting at 206 versus America's 203. Together, they represent 80 percent of the world's unicorn startups. In addition, among the top 10 unicorns in the world, Chinese enterprises occupy four seats in 2020.

Zhen Fund co-founder, Wang Qiang shares his view on how China has changed the global entrepreneurial ecosystem.