The Global Race to Regulate AI and Its Impact on National Competitiveness

Generative AI has captivated the global stage, prompting fierce discussions on AI safety and the risks involved. In response, major superpowers are swiftly advancing their regulatory frameworks: China has been proactive in rolling out a series of AI legislations; the European Union is on the verge of finalizing its AI Act; and the United States adopted a sweeping executive order last October to mitigate AI risks and ensure safety. This flurry of activity suggests a competition among major powers to regulate AI.

During the seminar, Angela Zhang presented her latest book, High Wire: How China Regulates Big Tech and Governs the Private Economy. The book delves into AI regulation across three major markets: the United States (US), the European Union (EU), and China. Zhang highlighted the significant increase in AI-related regulations in 2022, with 37 bills being passed into law worldwide. She emphasized the diverse approaches taken by different governments in regulating AI. In the US, regulations are primarily driven by private litigation, while the EU is working towards establishing comprehensive AI regulations. China, on the other hand, is at the forefront of algorithm regulation. A common concern shared by scientists, academics, and the general public is that AI regulations are lagging behind the rapid development of AI technology. This issue underscores the need for ongoing dialogue and collaboration to ensure appropriate and effective regulatory frameworks for AI.