Understanding Chinese Government Guidance Funds | Center for Security and Emerging Technology
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.
Executive Summary China’s government is deploying massive amounts of capital in an effort to “catch up with and surpass” the United States in advanced technology. As part of this effort, the Chinese government has invested financially and politically in government guidance funds [政府引导基金], public-private investment funds that aim to both produce financial returns and further the government’s industrial policy goals. As of the first quarter of 2020, Chinese officials had set up 1,741 guidance funds, with a registered target size of 11 trillion RMB (1.55 trillion USD). However, these funds had…
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