Unicorns are becoming a common sight in China. In 2022 there were more than 300 private firms valued at more than $1bn—more than double the number from just five years ago. Alice Su, The Economist’s senior China correspondent, and Don Weinland, our China business and finance editor, discuss what these valuable startups say about the country’s shifting industrial priorities and how they fit into President Xi Jinping’s plans for “self-reliance”.

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