China has left “the free market” and no longer a place to invest under President Xi Jinping, said U.S. venture capitalist Tim Draper, an early investor in Elon Musk’s Tesla and SpaceX.

“I used to be an investor in China,” he told Reuters late on Monday after arriving in Taipei.

“Then I got an early indication that China was going to leave the free market and I decided that that was not a place I wanted to invest,” Draper said, without elaborating.

He said he is looking for more opportunities in the space sector, visiting Taiwan’s space programme on Monday night in the tech hub of Hsinchu.

Draper, whose reality TV show “Meet the Drapers” just finished its fifth season, said Taiwan was a natural place to look for investments especially given the stumbling of China’s economy as Xi’s government enacts tough COVID-19 controls.

In late 2020, China began a crackdown on the once-freewheeling internet and tech “platform economy”, which includes e-commerce and social media, though the government began easing up this year to try and bolster growth.