I'm also in Beijing and at a start-up funded both locally and from US investors. I think one of the most telling signs of (3) you mentioned is that the major i

I'm also in Beijing and at a start-up funded both locally and from US investors. I think one of the most telling signs of (3) you mentioned is that the major internet companies in China is virtually the same as it was 10 years ago. While Yahoo! have and AOL have long since fallen by the wayside in the US, Alibaba, Tencent and Sina keep chugging along in China. This doesn't tend to happen in more open tech markets.