BEIJING, July 28 (Xinhua) -- China has become the second fastest growing market after the United States in venture capital investment thanks to booming entrepreneurship, an industrial report showed.

Photo: VCG

The number of registered venture capital funds totaled 7,055 by end-May, which manage about 1.01 trillion yuan (146.8 billion U.S. dollars), according to a report released by the Asset Management Association of China.

China accounted for nearly one fourth of the world total venture capital volume in the past three years, the report showed.

The development of the venture capital market helps connect money with technology, lending steam to China's economic transformation and upgrading, it said.

Artificial intelligence, autonomous driving, smart transport and biotech are popular venture capital investment fields at home and abroad, according to the report.