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Victoria Bela

Enoch Wong

China’s vice-premier warned that the development of artificial intelligence could pose a major risk if it is not carefully managed, amid a rivalry with the US that has seen the emerging technology take centre stage.
Ding Xuexiang addressed the risks of AI and outlined China’s economic goals while addressing the World Economic Forum at its annual meeting in Davos, Switzerland on Tuesday.
His remarks offered the first clue from Beijing on how its competition with Washington might be managed after Donald Trump returned to the White House on Monday, bringing more uncertainty to the relationship.
“AI holds immense promise, akin to the treasures hidden in Ali Baba’s cave, but if not properly managed, it could become a Pandora’s box – unleashing unforeseen consequences,” Ding said during his speech.
“If countries continue to engage in chaotic competition over AI, the ‘grey rhino’ – a clear and looming risk – will soon be upon us,” Ding said, stressing the need for responsible global governance.

In response to a question from Klaus Schwab, founder of the World Economic Forum, Ding took the opportunity to play up China’s role in shaping the global order.
He also said that despite external and structural challenges, China’s development was “high quality” – pointing to the country’s 5 per cent economic growth last year.
Ding said China was constantly improving its policies to make the economic environment better, which benefited both domestic and foreign business.
“We recognise both foreign and domestic enterprises may sometimes encounter issues such as ‘glass doors’ or ‘spring doors’,” Ding said, referring to the barriers and recurring challenges that businesses face. “China’s door to openness will never close; it will only open wider.”
He said China would introduce more proactive policies to boost consumption and investment, as well as science and technology innovation.
And he said growth in science and technology had been made possible by opening up and collaboration, adding that the country would continue to collaborate with nations around the world.
“China has long adhered to the idea that science knows no borders and should benefit all of humanity … to bridge the technological gap and prevent innovation from becoming a game for the rich and wealthy,” he said.
Asked by Schwab about fears of the world falling apart into two different systems, Ding said the consequences of that would be “unimaginable”. He said it would be difficult to address common challenges and the world could relapse into confrontation.
Ding said all countries were in the same boat, and that nations must “resolutely oppose Cold War mentality and zero-sum games, and work together to create a more just and reasonable international order”.
China has had ongoing tensions with the US and Europe over trade-related issues, including concerns over Chinese overcapacity in different industries.
In a keynote speech before Ding’s, European Commission President Ursula von der Leyen addressed the “China shock” caused by industrial overcapacity, highlighting the EU’s response with trade measures to overcapacity in the Chinese electric vehicle industry.
Von der Leyen mentioned China more than a dozen times and stressed the need for more constructive engagement with Beijing.
“It is time to pursue a more balanced relationship with China in the spirit of fairness and reciprocity,” she said, calling for deeper cooperation and expanded trade ties.

In his speech, Ding said China was not pursuing a trade surplus and was willing to promote balanced trade development – including importing more competitively priced high-quality goods from abroad.
“Protectionism offers no solution, and there are no winners in a trade war,” he said.
Trump downplayed his stance on China during his inaugural address on Monday, which could indicate a willingness to engage with Beijing.
While Trump had previously said he would impose tariffs on Chinese products – potentially up to 60 per cent – that was not among the slew of executive orders he signed on the first day of his second term as US president.
Trump and Chinese President Xi Jinping discussed trade and other topics during a phone call on Friday, Trump said in a post on his Truth Social account the same day.
Xi told Trump he was willing to promote greater progress in US-China relations, and that while the two countries may have differences they also have common interests.
“Confrontation and conflict should not be our choice,” Xi said during the call, according to state news agency Xinhua.
In Davos on Monday, Hong Kong Financial Secretary Paul Chan Mo-po said the city had a vibrant fintech ecosystem and was the best entry point for the mainland Chinese market, during a meeting with UK-based fintech firm Revolut.
Chan said the city wanted to boost economic and financial cooperation with the Gulf Cooperation Council in a separate meeting with its secretary general, Jasem Mohamed Albudaiwi.


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Ding Xuexiang also tells Davos that Beijing isn’t pursuing a trade surplus and there are ‘no winners in a trade war’


Ding Xuexiang also tells Davos that Beijing isn’t pursuing a trade surplus and there are ‘no winners in a trade war’.


China’s vice-premier says chaotic competition on AI could bring ‘grey rhino’

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Ding Xuexiang also tells Davos that Beijing isn’t pursuing a trade surplus and there are ‘no winners in a trade war’

Ding Xuexiang also tells Davos that Beijing isn’t pursuing a trade surplus and there are ‘no winners in a trade war’