Hats off to the people at Big Four Blog for picking up the Ernst and Young Global venture capital Report 2007 and telling us about it.

According to Big Four Blog, the report shows that about $35 billion in venture capital funds got invested in projects in 2006. The steepest growth curve? China, at 58%.

"China has become the third largest regional venture capital hotbed after California and Massachusetts," Big Four Blog said. The pointed out that about $2 billion was invested in venture capital projects n China in 2007.

The report provides some context for thinking about the rise of Internet and digital media companies in China. About 60% of venture capital funds in America and Europe were invested in Internet technology projects.