The China Venture Capital Annual Report 2009 is one of the serial research reports published by Zero2IPO Research Center in 2009. According to the report, in 2009, the financing, investment and exits in China’s VC market declined to varying degrees compared to a year ago, the number of newly-raised funds and financing amount both contracted, and the RMB funds turned out to become the main force of financing because of their emerging advantages; the total investment plummeted, and RMB fund proved a black horse and exceeded its foreign currency counterparts; the landscape in the investment industry was overthrown, evidenced by the fact that the total investment in Traditional industry catapulted to come atop all the industries, which ended the history that the Broad IT was the pet; and the number of exits slightly declined from last year, while IPOs dramatically increased, driven by such blessings as the resumption of the overseas stock markets and the launch of the ChiNext. In 2009, the domestic and foreign VC institutions launched 94 new funds, involving an incremental amount of US$5.86B available for the investment in Chinese mainland. In 2009, the total investment in China’s VC market has suffered the first dramatic decline since 2002, failed to resume the prosperity in 2008, and was even less active than 2007. In the year, the number of investment deals and the total investment amount in China’s VC market both dived year on year. Throughout the year, there were 477 investment deals, a drop of 21.4 percentage points from 607 in 2008; and 425 out of these deals involved a combined investment amount of US$2.70B, plummeting by US$1.51B or 35.9% from a year earlier. Meanwhile, a total of 123 exits took place in the year, a reduction of 12 ones from a year earlier. In terms of exit option, the IPOs took an obviously greater proportion than 2008, the trade sale fell to some extent, and M&As came at a par with the previous year. As for industry breakdown, Traditional industry came atop all the industries because of their strong resistance against economic cycles, and saw a total of 43 exits, and the Broad IT sustained the level in 2008. The report is based on the Zero2IPO Research Center’s survey on the domestic and foreign VC institutions most active in Chinese market and formed through profound research and analysis. The report is composed of five parts, including the overall review of China’s VC market in 2009, the detailed statistics and analysis of the domestic VC market in terms of financing, investment and exits and the case collection, disclosure and analysis of some representative events in China’s VC market, including 43 newly-raised funds, 165 investment deals and 51 exits. As the special issue of the China Venture Capital Annual Report 2009, theChina Venture Capital and Private Equity Public Policy Study Report 2010 first reviews the development and evolution of the Chinese laws and policies concerning the VC industry, then on this basis, sorts out relevant policies implemented in six cities – Beijing, Shanghai, Tianjin, Shenzhen, Chongqing and Ningbo –- in an effort to build themselves into "China's VC Center”, compares these cities in such dimensions as registration supervision, filing registration, government fund support and exit support, and finally sums up the current status of the policy environment in these cities and puts forward relevant problems and suggestions. The special issue also portrays the outlook of China’s VC market in 2010 in an objective manner.