The momentum in China’s venture-capital industry, which is recovering after years of decline, is likely to continue this year, mainly bolstered by government financing, but an expert warned that the lack of funding diversity poses a hidden risk.Fundraising picked up in 2025, with most of the gains coming from government sources, as central policymakers loosened rules to allow local governments to issue more bonds to finance government guidance funds, according to a report released on Tuesday by...