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.

CSET's Husanjot Chahal and Ngor Luong discuss potential opportunities for the Quadrilateral Security Dialogue.

Militaries around the world have often relied on the largest global defense companies to acquire and integrate cutting-edge technologies. This issue brief examines the investment and mergers and acquisition activities in artificial intelligence of the top 50 global defense companies — a key, if limited, approach to accessing AI innovation in the commercial sector — and assesses investment trends of their corporate venture capital subsidiaries and offers a geographic breakdown of defense companies and their AI target companies.

CSET's Ngor Luong writes about China's use of financial incentives to prioritizes its technological goals.

CSET’s Private-sector AI-Related Activity Tracker (PARAT) collects data related to companies’ AI research and development to inform analysis of the global AI sector. The global AI market is already expanding rapidly and is likely to continue growing in the coming years. Identifying “AI companies” helps illustrate the size and health of the AI industry in which they participate as well as the most sought-after skills and experience in the AI workforce.

As part of its strategy to achieve global leadership in AI, the Chinese government brings together local governments, academic institutions, and companies to establish collaboration platforms. This data brief examines the role of China’s Artificial Intelligence Industry Alliance in advancing its AI strategy, and the key players in the Chinese AI industry.

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-language 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.