The venture capital market more than doubled in the first half of this year, state media reported. VC investment hit US$772 million in the first six months of 2006, up 128% from 2004. The number of VC deals rose 49% to 121. The focus of VC investment has been the country's information technology market, which took up 73% of the total. Internet investments alone accounted for US$276 million. The number of VC firms in China is growing but some mainland analysts said the market is not overheating. Total VC investment could top US$1.5 billion this year. China's private equity market accounts for 0.5% of its GDP compared to an average of 4-5% in developed economies, state media reported.