BIS central bankers’ speeches  3  from those funded by US venture capital funds – the average return on venture capital since 1990 is no more than 2.1%. This could suggest that public funds might not be able to make up for the fragmented market for venture capital in Europe.
Let me know if I’m right. Zhou Xiaochuan: As for the debt issue, it is fair to say that in the stage of urbanization, the fiscal policy transparency is not good enough, the inter-governmental fiscal relationship has yet to be improved, and there is no clear fiscal discipline to constrain the local governments.