China has taken a further step toward digitalization and innovation. At the third Belt and Road Forum for International Cooperation held in Beijing in October, President Xi Jinping announced the Global AI Governance Initiative (GAIGI) for countries taking part in the Belt and Road Initiative (BRI).

The past decade has seen the growth from an early-stage project to a much bigger and complex reality. More than 150 countries and 32 international organizations (mostly in Africa and across Asia) have joined this massive project with more than 200 agreements currently underway or completed.

The BRI has boosted the economies and GDPs of participating countries. The BRI is a transcontinental long-term policy and investment program, which aims at infrastructure development and acceleration of the economic integration of countries along the route of the historic Silk Road. The BRI aims to “promote the connectivity of Asian, European and African continents and their adjacent seas, establish and strengthen partnerships among the countries along the Belt and Road, set up all-dimensional, multitiered and composite connectivity networks, and realize diversified, independent, balanced and sustainable development in these countries.” 

Furthermore, the 10th anniversary of the BRI also provides an opportunity to reflect on its many future opportunities. For example, the BRI can play an important role in promoting green and inclusive growth, such as by incorporating environmental and social considerations into project planning and implementation.

As per President Xi’s latest announcement, one of the areas that the BRI can leverage is also that of artificial intelligence (AI). The GAIGI for participating countries of the BRI announced by President Xi calls for a “people-centered” approach to AI (that is developing AI for the good of humanity and human progress), more inclusiveness and fairness in the development of AI so that participating countries can mutually benefit (regardless of their political/economic situation), testing and assessment systems based on AI risk levels and reform to relevant regulations that protect personal privacy and data security.

READ MORE: Belt and Road Initiative an unprecedented global public good

If I had to choose one key goal of GAIGI, I would say itis that of China urging equal rights and opportunities in the area of AI for all nations. Also, China has said it opposes countries using AI tech for manipulating public opinion, spreading disinformation, and intervening in other countries’ internal affairs.

Even though the framework does not directly name the United States, GAIGI was announced following the US’ latest ban seeking to restrict access to advanced chips and chipmaking tools aimed at curbing China’s technological and military advances. AI has become an area of rivalry between the US and China since both countries are trying to establish leadership over setting global rules and standards.

Even though the framework does not directly name the United States, GAIGI was announced following the US’ latest ban seeking to restrict access to advanced chips and chipmaking tools aimed at curbing China’s technological and military advances

As per the GAIGI plan, “We oppose drawing ideological lines or forming exclusive groups to obstruct other countries from developing AI,” the plan said. “We also oppose creating barriers and disrupting the global AI supply chain through technological monopolies and unilateral coercive measures.”

The initiative, released by the Cyberspace Administration of China, described the rapid development of AI as having a “profound influence” on global socioeconomic development, saying it brought huge opportunities but also “unpredictable risks and complicated challenges”.

The AI industry is indeed one of the most promising. If AI has entered the mainstream in 2023 due to many people all over the world starting to use ChatGPT, the truth is that this industry has been relevant for years and will certainly become even more so in years to come.

According to the “Artificial Intelligence Index Report 2023”, by the Stanford Institute for Human-Centered Artificial Intelligence, during the past decade, AI investment has increased significantly. In 2022, the amount of private investment in AI was 18 times greater than it was in 2013. 

Moreover, this report also mentioned something very interesting for China: Chinese citizens are among those who feel most positive about AI products and services. Indeed, in a 2022 IPSOS survey, 78 percent of Chinese respondents (the highest proportion of surveyed countries) agreed with the statement that products and services using AI have more benefits than drawbacks. After Chinese respondents, those from Saudi Arabia (76 percent) and India (71 percent) felt most positive about AI products. Only 35 percent of sampled Americans (among the lowest of surveyed countries) agreed that products and services using AI had more benefits than drawbacks.

Also, the proportion of companies adopting AI in 2022 has more than doubled since 2017, though it has plateaued in recent years between 50 and 60 percent, according to the results of McKinsey’s annual research survey. Organizations that have adopted AI report realizing meaningful cost decreases and revenue increases. 

Given that China is leading the BRI, it is to be expected that GAIGI will follow China’s approach to AI regulation. Even though GAIGI is not the first multilateral forum on AI, it is one of the bigger ones, with potential implications for the AI regulatory scene across the globe.

To sum up, while it is still early to say whether GAIGI will be a success, it is relevant for China to start leveraging the BRI for AI purposes too.

READ MORE: Belt and Road cooperation will be more inclusive and innovative 

In my latest article, I mentioned how China could leverage the BRI to internationalize the yuan through the digital yuan. Today, I am referring to AI, which is one of the fastest-growing and most promising industries. Given the number of countries involved in the BRI and the importance of AI, I expect this initiative to develop successfully in the years to come.

The author is a fintech adviser, a researcher, and a former business analyst for a Hong Kong publicly listed company.

The views do not necessarily reflect those of China Daily.