Xu Yiran, known as Stephen, holds a bachelor's degree in economics from University College London and a master's degree in international development from the University of Cambridge. He has a broad academic interest in disentangling the causal impact of industrial policy on economic growth.

His DPhil research concentrates on China's government guidance funds (GGFs), which are a form of market-driven techno-industrial policy. The research aims to assess the effects of GGFs on China's innovation output, investigate the reasons for differing performances among GGFs across various regions, and identify the institutional prerequisites for the expanded application of GGFs in developing countries.