Sebastian Mallaby is a distinguished journalist and now a senior fellow for international economics at the Council on Foreign Relations. Mallaby has contributed to a variety of publications, including Foreign Affairs, the Atlantic, The Washington Post, and the Financial Times, where he spent two years as a contributing editor. A graduate of Oxford University, he is a two-time Pulitzer Prize finalist and the author of five books, including most recently, The Power Law: Venture Capital and the Making of the New Future. In this lightly edited Q&A, Mallaby talks about the rise of venture capital in China, and its impact...