Chinese venture capital is playing an increasingly important role around the world, as the nation’s technology companies have been taking the lead on obtaining financing compared to US counterparts, National  Business Daily reported.

According to a report released by consulting firm Crunchbase, the total amount of venture capital in China leads the world, reaching a record US$93.8 billion over the first ten months this year, and US$2.2 billion more than that of the US, which came in second.

The total amount of venture capital in the rest of the world is only US$53.4 billion, almost half of China’s in the same period.

The report also points out that although the gap of US$2.2 billion is not significant and China could be overtaken with a few large-amount deals, such a change will likely not happen.

The entrepreneurial ecosystem in the world is undergoing a major transformation — it is now driven by China instead of the US, the report said.