Analysis

Chinese Government Guidance Funds

A Guide for the Perplexed

Ngor Luong,

Zachary Arnold,

and Ben Murphy

March 2021

The Chinese government is pouring money into public-private investment funds, known as guidance funds, to advance China’s strategic and emerging technologies, including artificial intelligence. These funds are mobilizing massive amounts of capital from public and private sources—prompting both concern and skepticism among outside observers. This overview presents essential findings from our full-length report on these funds, analyzing the guidance fund model, its intended benefits and weaknesses, and its long-term prospects for success.

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