童士豪是紀源資本的任事股東，他從事中美投資已經有十年以上。他投資的公司包括小米、愛彼迎（Airbnb）、Wish和muscal.ly等。

近日《財富》對童士豪進行了采訪，請他談談中國的一些新興趨勢，比如近來火遍全中國的共享單車風潮，以及他對數字加密貨幣的看法。

《財富》：說說你對中國投資界的總體感觀。

童士豪：中國風投界是從90年代中期起步的，當時，資本被投資到了從零售到自然資源等一切能生錢的東西上。大約過了10年左右的一個周期，人們開始意識到風口越來越多地來自與科技相關的投資，尤其是與互聯網有關的領域。

互聯網和智能手機讓很多人成了購物者。打個比方，很多人愿意在一個好的產品上花費大量時間——比如微信，中國人的這種愛好甚至超過了美國人。由于中國的移動端用戶基數非常大，現在中國移動支付市場的規模已經是美國的11倍之多。中國有14億人口，其中智能手機用戶已達7億。但這個占有率也只有50%，也就是說還有很大的增長空間。由于人們愿意花時間在移動產品上，這也更加便于企業家打造新的移動應用來服務消費者和小企業。這些都使整個國家變得更高效了，因為現在用戶、消費者、供應商和渠道都可以在網上開發，因此要比以往在線下開發高效得多。

人們把他們的錢都投資到哪了？

童士豪：不少人把更多的錢投資到了教育上，以打造利用移動互聯網或遠程學習技術的下一代互聯網公司。比如我們就投資了“流利說”，它的AI學習算法使用戶可以與它進行對話，它還能告訴用戶，要想把英語說得更好，他們還有哪些方面需要提高。

另一個趨勢是交通。滴滴出行收購了優步的中國業務，它現在還在向其他交通領域積極擴張。共享單車也是繼網約車之后的第二個熱門領域，很多公司都拿到了風投和私募以及騰訊、阿里等大公司的戰略投資。

我們看到零售領域也出現了顛覆。比如阿里巴巴等公司已經從線上發展到了線下，開設了一些基于互聯網技術的實體店和超市。你進到這些實體店里，會發現每個商品都有一個二維碼，掃一掃就能看到關于它的詳細信息，你可以當場購買，也可以在網上下單。

中國搜索引擎巨頭百度宣布投資100億元人民幣研發自動駕駛技術。蔚來資本據說也計劃融資5億美元進軍汽車產業。看來中國對電動汽車和無人駕駛的興趣越來越高了。原因是什么？

童士豪：在中國，交通擁堵是個大問題。每天都至少有2000萬到2500萬人住在北京。在這樣一座超大型城市里，大約有20%的人擁有汽車。北京的交通甚至比紐約還要糟糕，因此政府強制執行了尾號限行制度，車主每周都有兩天不能開車。這就是為什么人們如此青睞網約車、零排放汽車等解決方案。

你認為無人駕駛汽車何時才能在中國成為一個“大現象”？

童士豪：我認為可能不到五年。

有人說中國的共享單車經濟是個泡沫，現在有些創業公司已經關門了。你對共享單車熱怎么看？

童士豪：2000年以來我們投資過的每一個領域都曾被稱為泡沫。在共享單車泡沫以前，還有網約車泡沫、外賣泡沫、電商泡沫等等。但中國以外的人不了解的是，隨著很多資金倒入一個領域，這個領域必然有一個快速增長期。過了頭三年，一般就會有兩三個行業領軍者出現了。比如電商領域有阿里和京東，網約車領域有滴滴，共享單車領域有摩拜、Ofo和哈羅單車三家。

如果你投資得早的話，一旦企業通過并購方式等實現有機增長，成為一家規模可觀的企業，那么等你有了市場份額，你就可以賺錢了。

我們發現，中國的創業公司在前三到五年增長得比美國公司還快。中國的創業團隊從早上九點工作到晚上九點、每周工作六天并不少見，因為他們知道自己必須在兩三年里成為行業的前三甲，所以他們都想盡快實現這一目標。在美國，很多創業者純粹是出于樂趣創業的，所以你今天做也好，兩天或者一周以后做也好都無所謂——跟跑馬拉松差不多。而在中國，決定一切的就是頭三年。

中國以外的公司如何享受這種增長紅利？

童士豪：你要有好的本地合作伙伴。我們在與愛彼迎合作時，就對他們的在華經營策略花了很多時間。你需要有人為你提供當地的知識和關系，這樣你才能在中國順利招聘、取得必要的許可證和建立分支機構。

區塊鏈技術是一種新生事物，現在人人都在談論數字加密貨幣。你認為數字加密貨幣在中國的前景如何？

童士豪：中國政府十分清楚區塊鏈技術和各種數字加密貨幣能做什么。在促進B2B跨境交易上，他們對區塊鏈的態度是比較開放的。不過他們擔心它會因為投機行為而演變成泡沫，從而導致問題。

中國最近禁止了首次代幣發售（ICO）業務，稱其涉及傳銷問題。你認為中國未來會對ICO解禁嗎？

童士豪：我不認為這一政策未來會有變化。很多時候，我們會告訴投資者投資不同的金融資產——目前主要是國內的股票和房地產。不過為了獲取收益，他們也愿意針對ICO等新生事物進行投機。而政府認為，這些資金應該投資到已經在中國股市上市的那些好公司上。

中國風投界2018年有哪些情況值得期待？

童士豪：我認為將會有更多的教育公司獲得融資。消費者對優質教育服務的需求是很高的，而師資資源在中國則是參差不齊的。通過遠程學習和移動互聯網，這個問題會隨著時間的推移得到解決。

我們認為，人工智能技術將被應用到很多行業部門，進而提高這些行業的效率。人工智能的存在應該是為了滿足多種用途——不管是用于企業客戶服務還是電商公司。

在美國，除了臉書、Instagram和Snap等少數公司之外，社交媒體領域的創新已經很少了。但是在中國，我們看到用戶的興趣點更多，市場也更加碎片化。有些微型社交網絡正在以移動APP的形式出現，它們瞄準的是一些特定的興趣群體。另外在內容消費、知識消費、娛樂消費上，中國的創新速度也將比美國更快。

最后，看看中國在這些領域的創新，我認為應該有更多美國公司向中國學習，更多地吸取他們的做事原則。我們自己投資的一些公司已經開始向中國的電商公司取經了。我認為如果美國公司保持開放的心態，勇于學習那些在中國這樣的巨大市場里取得了成功的經驗，則美國團隊完全可以比其他國家更快地走向全球化。

譯者：賈政景

Hans Tung, a managing partner at GGV Capital, has been a U.S.-China investor for more than a decade. His portfolio includes Xiamoi, Airbnb, Wish, and muscal.ly.

Fortune spoke with Tung about some of the emerging trends in China, the bike-sharing craze sweeping the country, and his thoughts on the future of crypto.

FORTUNE: Give me a general sense of China’s investment landscape.

TUNG: The Chinese venture capital space started in the mid-1990s. Back then, money was invested in anything that could make money — anything from retail to natural resources. After about a 10-year period, people started to realize that more and more of the exits were coming from technology-related investments, in particular around Internet-related sectors.

Internet access and smartphones turned a lot of people into shoppers. People were willing to spend a lot of time on a good product like WeChat, for example — even more so than the people in the U.S. The mobile payment market in China is 11x the size of the mobile payment market in the U.S. because there are so many users on mobile in China. Now, there are 700 million in smartphones on a population of $1.4 billion. That’s only 50% penetration with a lot more room to grow. People willing to spend time on mobile makes it easier for entrepreneurs to build new apps serving consumers and small businesses. It makes the country more efficient because there are users, consumers, suppliers, and channels developed on the Internet, which is much more efficient than anything that could be developed offline.

Where are people investing their money?

TUNG: People are investing more in education to build the next generation of Internet companies leveraging mobile internet or distance learning. We invested in Liulishuo, which has an AI learning algorithm allowing users to speak to it, and it is able to tell them what areas they need to improve in order to be better English speakers.

Another trend is transportation. Didi Chuxing bought Uber’s China operations, and it’s investing aggressively into other areas of transportation. Bike sharing is the second hot category after ride-sharing with a suite of companies that are receiving VC money, PE money, and now strategic money, from investors like Tencent and Alibaba.

We’re also seeing the disruption of retail. E-commerce companies like Alibaba are moving offline to build new convenience stores and supermarkets that are powered by Internet technology. For instance, when you go into these stores, every item has a QR code that you can scan with your phone and gives you all the details you need to know about the product you’re considering buying. You can either buy on the spot or buy online.

Chinese search engine giant Baidu announced a 10 billion yuan ($1.52 billion) autonomous driving fund. NIO Capital is in talks to raise up to $500 million in a dollar fund aimed at the country’s auto sector. It seems there is an increasing interest in the electric vehicle and autonomous driving market. What are some of the reasons for this?

TUNG: In China, traffic congestion is a huge problem. About 20 to 25 million people on any given day live in Beijing. In a city of that size, roughly 20% of people own cars. Traffic is terrible — even worse than New York. It’s gotten so bad that the government mandates, by law, people cannot drive their car for two days out of the week depending on the last digit of their license plate. That’s why people are looking for solutions around ride-sharing and cars that don’t emit as much pollution.

In what time frame do you foresee autonomous vehicles being a mass phenomenon in China?

TUNG: I would probably say within the next 5 years.

Some are calling the bike sharing economy in China a bubbleand some startups are already closing their doors. What are your thoughts on the bike sharing craze?

TUNG: Every category that we have invested in since 2000 until now has been called a bubble. Before the bike sharing bubble, it was the ride-sharing bubble. Before that, it was the take-out delivery bubble. Before that, it was the e-commerce bubble. What people from outside of China don’t realize is that there is a period of rapid growth with lots of money being poured into a category. And then after the first three years, typically only two to three category leaders emerge. In e-commerce, you have Alibaba and JD.com. In ride-sharing, there’s Didi. In bike-sharing, you have three right now — Mobike, Ofo, and Hello-Bike.

If you invest early, the organic growth through M&A will eventually build a sizable business that you can monetize later when you have that market share position.

We actually see startups in China grow at a faster pace the first three to five years than they do in the U.S. It’s not uncommon to see Chinese teams working from 9 a.m. to 9 p.m, six days a week. And the reason for this is because they know they need to get to one of the top three position in their sector in a three-year span. They all gear to get to that point as fast as possible. In the U.S., we see more entrepreneurs who are doing things for fun, so whether you do it today, two days from now or a week from now, it doesn’t matter — it’s a marathon. In China, it’s whatever it takes in those first three years.

How can firms outside of China tap into that growth?

TUNG: You need good local partners. We spend a lot of time working with Airbnb on their strategy in China. You need people who can provide you with local knowledge and local relationships when it comes to hiring, obtaining necessary licenses, and setting up Chinese subsidiaries

Blockchain technology is emerging and everyone’s talking about cryptocurrency. What do you think about the future of crypto in the country?

TUNG: The government is very aware of what blockchain and the different cryptocurrencies can do. They are more open to blockchain helping facilitate B2B cross-border trades. However, when it comes to speculating on value of cryptocurrency, they worry about this becoming a bubble and a source of problem for educated investors.

China recently banned initial coin offerings, lumping them in with pyramid schemes. Do you foresee them reversing the ban in the future?

TUNG: I don’t see that changing anytime in the future. A lot of times we tell investors to invest in different financial assets — right now, it’s mostly the domestic stock exchange and the property market. To get yields, they’re willing to speculate on new things including ICOs. So the government sees that as money that should be invested in increasingly better companies that exist on the Chinese stock exchange.

What should we expect to see in the Chinese VC space in 2018?

TUNG: There will be more education companies that will get funded. Consumers have a huge demand for better service yet the quality and the spread of teachers is very uneven in China. So through distance learning and mobile Internet, that problem will be solved over time.

We will see that AI will be applied across many more industry sectors to make them more efficient. We don’t think AI should exist for its own sake, but it should exist for various use cases — whether it’s in enterprise customer service or whether it’s in helping e-commerce companies.

In the U.S, we have very few innovations in social media beyond Facebook, Instagram, and Snap. In China, we’re seeing a lot more fragmentation of uses in different pockets across many interests. There are mini-social networks emerging in the form of mobile apps that target specific interest groups across China. We will see a lot more innovation around consumption for content, consumption for knowledge, and consumption for entertainment happening much more quickly than we will see in the U.S.

Finally, more U.S. companies should be learning from China given the innovation happening in the space and apply more of the principles in what they do. We’re seeing our own porfolio companies taking lessons from Chinese e-commerce companies. I think U.S. teams can globalize much quicker than anyone else around the world if they are more open to being inspired by what’s working well in a market that’s as huge as China’s.