We have examined the trend and determinants of venture capital investments in China in the past two decades from 1995 to 2014. The development of China venture capital industry has shown a history of high-growth with significant variations over time. We find that the aggregate amount of venture capital investments, the total number of venture deals, and the average amount of venture investments per deal in China are all significantly impacted by some macroeconomic factors (i.e., GDP, export, money supply, patents) and market indicators (i.e., IPOs, interest rate, price to earnings ratio, etc.). We also find that the 2007 China A-Share stock market crash and the subsequent economic recession has made venture capitalists to adjust their risk preferences and investment strategies by increasing their allocations to later-stages investments and securing a higher proportion of deals with later-rounds companies carrying a lower risk. However, China venture capital industry has recovered quickly compared to U.S. after the market shock.