China has become the world's second-largest market for venture capital investments, as the country gradually shifts its economy to be more innovation and entrepreneurship driven.

Around 283 VC funds were rolled out in the third quarter, aiming to raise $58 billion, Forbes reported citing industry data.

Among all investors, Sequoia Capital China has been ranked the country's most successful by the news organization, which based rankings on their investment return and contribution to companies invested in over the past five years.

These are the top 10 Chinese venture capital firms compiled by Forbes.

10. SAIF Partners

Assets under management: 5.5 billion yuan and $3.8 billion

Investment portfolio: 58.com, Eternal Asia, COFCO womai.com, Bosideng, Sunco, Digital China.

Andy Yan Yan, chief managing partner of SAIF Partners, in Beijing, July, 2006. [Photo/IC]