Analysis

Ngor Luong

Research Analyst Print Bio

Ngor Luong is a Research Analyst at Georgetown’s Center for Security and Emerging Technology (CSET), focusing on Chinese state-backed funds for AI and other strategic industries. Prior to joining CSET, she conducted research on 5G, Huawei, and China’s industrial policy at the Center for American Progress and co-authored a Chinese translation work on Xi Jinping’s risk philosophy. Ngor received a B.A. magna cum laude in International Politics and Economics from Middlebury College.

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.

China’s government is using public-private investment funds, known as guidance funds, to deploy massive amounts of capital in support of strategic and emerging technologies, including artificial intelligence. Drawing exclusively on Chinese-langauge sources, this report explores how guidance funds raise and deploy capital, manage their investment, and interact with public and private actors. The guidance fund model is no silver bullet, but it has many advantages over traditional industrial policy mechanisms.