China has been able to raise venture investments for its new development plan. Though since 2016, economists equate the way of such behavior to avalanche. Today in the studies on China, terms like "bubble" or "overheating" are commonly used. The goal of this research was to evaluate the real scenario of heating the market to a new crunch. The second purpose was to analyze the current state of Chinese venture capital. As a result, the author proved that the main reason for the avalanche-like acceleration of growth in the Chinese venture capital market was miscalculations in the actions of the Big Government addressed to pay off the problems in the domestic stock market in 2015 that led to the development of new risks. Possible risks and reference points of Chinese venture have been analyzed in this article. The article proved that, despite overheating signs in the market, it is still premature to forecast the "bubble" in the venture capital market. The article concludes with a discussion that China is transforming itself again and that the next wave of innovation and private entrepreneurship will be the wave of the future, with substantial global consequences.