The U.S. venture capital market is the world's most developed and most successful venture capital market. Replicating the U.S. experience in the creation of a venture capital market confronts a "simultaneity problem" as coined by Prof. Ronald Gilson - the "simultaneous availability" of three central inputs: capital with the appetite for high-risk, high-return investments, specialized financial intermediaries which incentivizes all participants in the venture capital market, and entrepreneurs. China is now the second largest country in venture capital investment, ranking only after the U.S. China offers a fascinating example of engineering a national venture capital market. The article contributes to the literature by exploring the role of law and government efforts in building up the Chinese venture capital market. It shows that unlike the U.S. venture capital market which "developed organically" without government design, the Chinese government has played a significant role in shaping the underpinning legal and regulatory infrastructure of the venture capital market. Based on empirical and comparative evidences, the article finds that the simultaneity problem has been gradually solved with legislative efforts and the government's plan is a step in the right direction, particularly in providing venture capital funding; introducing necessary specialized financial intermediaries; and creating an active capital market. It concludes that the Chinese government's progress in engineering a venture capital market has been relatively successful. This can largely be attributed in its increasingly flexible evolvement in its role from a direct participant in capital allocation process to a facilitator by merely providing seed funding. Nonetheless, in order to fully realize its potential, there still a wide range of social, legal, and economic institutions areas that can be improved on