Within days of the White House announcing America’s AI Action Plan, China released a Global AI Governance Action Plan and proposed the establishment of an inclusive governance model to support international cooperation on AI capacity building. The signs of the intensifying AI arms race and ambitious declarations made in spectacle-like AI summits in Washington and Shanghai highlight the differing strategic considerations of the world’s two leading economies.AI’s role extends beyond boosting innovation and productivity in the economy to creating new vistas for advanced technology exports. This aspect of technological dominance adds strategic heft to international trade and business, reshaping global power dynamics. Each invention in human history has triggered a new phase of the industrial revolution based on the ‘winner takes it all’ phenomenon. Invariably, such invention and technology diffusion have also led to the emergence of global monopolies, controlling technology supply to preferred global partners.
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