China's economy may (or may not) be slowing down, but the decision makers behind venture capital investment in the Middle Kingdom couldn't care less.

The Wall Street Journal reported earlier this week that "the amount of venture capital fueling companies in China surged 85% in the first half of 2008."

Venture capital firms invests an impressive $2.15 billion in Chinese companies in the first half of 2008. High on the list of target: Internet companies.

Among the big winners: Tudou.com got $57 million from unnamed sources in the US and Singapore, 51.com got $51 million from Giant Interactive, and Leyou.com got $35 million from Deutsche Bank and AsiaVest Partners .

Oak Pacific Interactive was the biggest winner of all, taking in a whopping $430 million. SOFTBANK was the lead investor, forking over 35% of the funding of OPI.

If there's some trend, some response to worsening economic conditions in China, it's that more VC funds are going to profitable companies and fewer dollars and euros are being funneled in to ground level investment. But no one has told the venture capitalists that China's in for bad times...