China VC investments set a record high in 2016, artificial intelligence a new focus, finds KPMG analysis

China set a record high in terms of venture capital (VC) investments in 2016, despite a global slowdown. The strong performance is expected to continue with artificial intelligence (AI) an additional focus for investors, finds latest KPMG analysis. Investment by VCs in China increased 19 percent year on year to USD31 billion in 2016, although deal volumes declined 42 percent to 300 from 513 a year earlier, according to Venture Pulse, KPMG's quarterly global report on VC trends. The strong performance is attributed to a number of mega-deals recorded early in the year. The report highlights that artificial intelligence and cognitive learning are poised to transform almost every aspect of people's lives.