China advocates for global AI group
At an AI conference in Shanghai, Li emphasised the need for international exchanges on the technology, with China to lead the global initiative, Bloomberg reported.
The comments come in the wake of the US unveiling its own AI action plan designed to ensure the nation dominates AI in the future.
The US plan is focused on cutting regulations, including streamlining processes permitting data centres, chip manufacturing and energy infrastructure. It also aims to make US hardware and software the global standard for AI.
The Premier argued key resources and capabilities are currently concentrated in a few countries and companies, adding 'if we engage in technological monopoly, controls and restrictions, AI will become an exclusive game for a small number of countries and enterprises,' Bloomberg wrote.
He also acknowledged a shortage of AI chips was a major bottleneck for China, the news agency noted.
Source: Mobile World Live
Image Credit: Stock Image
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
4 hours ago
- Gulf Today
eToro continues journey towards a tokenized future with launch of 24/5 trading, futures and tokenized stocks
eToro Group Ltd. ('eToro', or the 'Company') (NASDAQ: ETOR), the trading and investing platform, revealed today in a global webinar 'eToro Unlocked: Trade Without Boundaries' how the company is evolving its product offering as it moves towards a tokenized future. eToro Co-founder and CEO, Yoni Assia said: 'We've been long-term believers in a tokenized future. Blockchain technology will facilitate the greatest ever transfer of wealth, as traditional assets are tokenized and moved onto the blockchain. Hurdles remain, namely vested interests, however, we are witnessing key milestones on that journey. New regulations, such as MiCA in Europe and the passing of the Genius Act in the US, makes the tokenization of real world assets a new opportunity to create digital assets that are legally backed and regulated. The benefits of tokenization, in particular 24/7 transferability, have been clearly demonstrated by stable coins and these opportunities are now expanding to more asset classes.' In today's webinar, eToro revealed that it will be expanding its current 24/5 trading offering to include an initial list of 100 of the most popular US-listed stocks and ETFs that will be available to trade 24/5 as the underlying asset. eToro has also expanded its futures offering as one of the first platforms to offer spot-quoted futures . Brought to market in collaboration with CME Group, spot-quoted futures offer the benefits of futures trading via accessible-sized contracts with familiar spot-based pricing and longer-dated expiries. These innovative futures contracts provide users with greater flexibility to trade stock and crypto markets, all within the seamless experience of the eToro platform. Currently live in select European markets, eToro plans to offer these contracts to a growing proportion of its global userbase providing them with the tools they need for every stage of their investing journey. 'We want to offer our global user base the flexibility to trade on their time-frame. 24/5 trading whether through US equities or spot-quoted futures empowers users to trade in real-time in response to market events or simply when it's convenient to them. We will continue to expand this offering to put our users in control of when they trade.' said Yoni Assia . Since CEO Yoni Assia co-authored the Colored Coins whitepaper in 2012, eToro has been actively involved in tokenization. In 2019, following the acquisition of Danish token startup Firmo, eToro launched tokenized gold (GOLDX) and silver (SLVX) alongside a number of fiat currencies. Building on this heritage, eToro today announced the forthcoming launch of US-listed equities as ERC20 tokens on the Ethereum blockchain. Commenting on the announcement, Yoni Assia said: 'Our mission has always been to open the global markets. Extended hours trading was the first step, 24/5 takes it a step further, however tokenization brings 24/7 accessibility. Tokenization removes boundaries, providing transparency and control. It has the potential to democratize finance, making assets more accessible to more people. 'We began our tokenization journey in 2019 and we're excited to now be able to significantly progress that initiative. Our goal is to tokenize every asset on eToro – starting with stocks – enabling our users to move tokenized assets onto the blockchain and from there integrate them into the broader DEFI ecosystem. Users will then be able to redeem tokenized stocks for the underlying position on eToro and vice versa.' You can find out more about today's announcements at eToro Unlocked . For the latest on eToro, including an announcement coming on August 7th, follow us @eToro .
Crypto Insight
9 hours ago
- Crypto Insight
China's crypto liquidation plans reveal its grand strategy
Opinion by: Joshua Chu, co-chair of the Hong Kong Web3 Association Last week's announcement of Hong Kong's LEAP Digital Assets Policy Statement 2.0 was made with much anticipation and fanfare. The government of Hong Kong promised a comprehensive regulatory framework that will unify licensing and 'expand the suite of tokenised products.' Yet beneath the hype and visible maneuvers lies a far more consequential move: Beijing's (the world's second largest holder of crypto) announcement of its intention to liquidate confiscated virtual currencies through Hong Kong's licensed exchanges. These events, while seemingly separate, are actually components of a carefully orchestrated strategy by China, designed to position Hong Kong as the dominant virtual asset hub and China's strategic market operator. A strategy of convergence: Hong Kong is poised to become the region's virtual asset hub. Still, it will also serve as the linchpin of China's global ambitions: a crypto hedge, a market price vehicle and a forward command post for PRC-crypto-liquidity. Regulatory foundations On the surface, Hong Kong's LEAP policy appears to be all the headlines. A proper understanding of strategy, however, demands looking beyond the surface. The true power of these policy decisions lies in the liquidity injection that China's crypto-liquidation decision will invariably create. This instrument will simultaneously grant Hong Kong unprecedented influence over global virtual asset markets. The foundation of Hong Kong's regulatory framework can be traced back to 2022 with the passage of the Amendment of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), which, after the Securities and Futures Commission had the opportunity to gain sufficient experience under the previous opt-in regime, formally brought virtual asset trading platforms (VATPs) under their remit via the AMLO mandatory licensing regime. This critical move secured alignment with Financial Action Task Force (FATF) standards and became the first cornerstone legislation for virtual assets. The next critical legislation that came about was the Stablecoin Ordinance, set to commence on Aug. 1, 2025, establishing a dedicated licensing regime for fiat-referenced stablecoin issuers. The Hong Kong Monetary Authority (HKMA) oversees this regime, mandating one-to-one reserves, robust redemption mechanisms and rigorous risk controls. In June 2025, introducing the LEAP Digital Assets Policy Statement 2.0 further developed Hong Kong's framework. LEAP unifies licensing, expands the suite of tokenized products and advances use cases of cross-sector collaboration and talent development. Going beyond FATF-directed regulatory tinkering, LEAP aspires to be the architecture that will 'scale Hong Kong to new heights of global digital asset leadership' and signal Hong Kong's readiness to embrace the future of digital assets. Laws and regulations alone cannot, however, command markets. It is liquidity that will decide the day. China's decision to channel confiscated digital assets through Hong Kong's licensed VATP will strategically inject real, tangible liquidity into the ecosystem. This is no longer an FATF compliance checklist exercise — it is a strategic lever. Through enabling controlled liquidation, Hong Kong stands to become a market price vehicle capable of rapidly modulating supply and demand, another key driving factor of virtual asset value. Liquidity as a weapon Liquidity is the lifeblood of any market. Without liquidity, even the most sophisticated market will falter. Just look at the London Stock Exchange. Under China's grand strategy, unlike the United States, which holds a vast Strategic Bitcoin Reserve and is placed under a rigid 'hold-only' policy, liquidity injected into Hong Kong's exchanges will actively convert seized assets into market liquidity. This setup will grant Hong Kong — and by extension China — the ability to influence price, stabilize markets and respond to geopolitical pressures as it sees fit. Just as control of the rare earth metals gave China all the cards in the latest rounds of trade negotiation with the US, so too will control over crypto liquidity, effectively controlling the value of the US's newly minted crypto reserve. This is a subtle, yet profound, shift in the balance of power. The ability of a single nation to control liquidity flows is to control market narratives and outcomes. Implications and countermeasures This grand strategy fundamentally alters the balance of power within the cryptosphere. Hong Kong will have a decisive advantage in absorbing institutional capital and deepening market liquidity, leveraging its unique position as the conduit for the PRC's crypto liquidation moves. At the same time, by scaling 'Hong Kong to new heights of global digital asset leadership,' China will have a powerful geopolitical tool in its hands, able to control global cryptocurrency valuations through calculated market liquidity management. Meanwhile, the US will face a strategic dilemma: Should it continue with a passive crypto stockpile with limited or no market influence? Or should the US consider new mechanisms to counterbalance Hong Kong's growing control over crypto liquidity? Understanding the dynamic in this interplay is important for market participants, lawyers, risk practitioners and lawmakers. After all, compliance frameworks must be adjusted to address increased scrutiny and risks associated with liquidity-driven market movements. In contrast, risk management strategies anticipating volatility stemming from strategic liquidity flows and a keen understanding of how liquidity control will shape the market narratives and outcomes are key. The key to the Web3 markets is therefore liquidity and information. While Hong Kong's LEAP policy garners all the media attention, the true chess move lies in China's crypto liquidation and injection policy. This injection will turn Hong Kong into a dynamic market price vehicle, capable of wielding liquidity as a weapon that few jurisdictions can match. Contrast this with the US, which is constrained by a rigid 'hold-only' reserve policy, and it lacks the flexibility to influence market liquidity or respond effectively to price volatility. Singapore, which, despite a mature regulatory framework, faces limitations in market scale, and Dubai, though ambitious, struggles with fragmented regulatory remits and high operational costs that hinder rapid scaling. Hong Kong 'holds all the cards.' Only this time, China is also making all the liquidity cards. As such, the city's unique combination of mature regulatory framework, direct access to the world's second-largest crypto holdings and the ability to deploy such liquidity strategically at their discretion grants it an unparalleled high ground in the Web3 ecosystem. Hong Kong can modulate global crypto prices in real time, attract institutional capital and foster innovation within a stable, investor-friendly environment. Liquidity is the ultimate leverage in this contest, and Hong Kong holds the switch. Understanding this layered strategy is essential for those who seek to navigate the rapidly evolving digital asset landscape with clarity and foresight. Those who fail will find themselves outmaneuvered. Opinion by: Joshua Chu, co-chair of the Hong Kong Web3 Association. Source:
Khaleej Times
11 hours ago
- Khaleej Times
UAE secures top spot in global AI talent rankings
The UAE has been ranked among the world's top 20 nations for artificial intelligence (AI) talent density, alongside Saudi Arabia, in the latest Global AI Competitiveness Index published by the International Finance Forum (IFF) and Deep Knowledge Group (DKG). With 0.7 per cent of the global AI talent pool, the UAE has outpaced countries such as Italy and Russia — affirming its growing stature as a global innovation powerhouse. While much of the spotlight has been on Saudi Arabia's ambitious AI push, the UAE's AI ecosystem has quietly gained strength through long-term strategic investments, visionary policymaking, and global partnerships that position it at the forefront of AI development and governance. The UAE's focus on AI began with the launch of the UAE Artificial Intelligence Strategy 2031, which aimed to integrate AI across key sectors including education, healthcare, transport, and space. The country was among the first in the world to appoint a Minister of State for Artificial Intelligence in 2017, and today it continues to expand AI readiness through initiatives such as the Mohammed bin Zayed University of Artificial Intelligence (MBZUAI) — a graduate-level, research-centric university that is already attracting global talent and publishing cutting-edge research. MBZUAI is currently ranked among the world's top 50 institutions in AI research output, and is collaborating with global tech giants including IBM, NVIDIA, and BCG to foster research in machine learning, robotics, computer vision, and AI ethics. 'The UAE's ecosystem is built not just on infrastructure, but on a vision of ethical AI, global cooperation, and a diversified economy driven by knowledge and innovation,' said Dr. Eric Xing, President of MBZUAI. The IFF report underscores the UAE's growing influence in global AI competitiveness by evaluating not only talent density but also the nation's institutional and innovation performance. The UAE ranked well above many traditional tech economies in per capita AI talent and research productivity, due in part to its business-friendly environment, tax-free salaries, and quality of life — factors that attract leading scientists, engineers, and entrepreneurs from around the world. The report's co-author Dmitry Kaminskiy of Deep Knowledge Group remarked: 'Saudi Arabia and the UAE's strategic focus on AI, coupled with visionary investments in talent and infrastructure, is setting the stage for a tectonic shift in global AI leadership.' According to the UAE's Ministry of Economy, the nation aims to increase the AI sector's contribution to GDP by up to 14 per cent by 2030 — translating to over $100 billion in economic output. Much of this is being driven by AI applications in logistics, government services, fintech, and smart city solutions, especially in hubs like Dubai and Abu Dhabi. The Dubai Future Foundation, for instance, is pioneering large-scale AI use cases in government and urban mobility through its Dubai AI Roadmap. Similarly, Abu Dhabi's Hub71 and its partnership with global VCs and accelerators has made the UAE one of the fastest-growing AI startup ecosystems in the region. As per data from Crunchbase and Startup Genome, AI-focused startups in the UAE raised more than $1.3 billion in venture capital in 2024 alone, with projections pointing to a 25 per cent increase in funding in 2025. While Saudi Arabia is investing heavily in infrastructure-led projects like NEOM — where over 30 per cent of its $500 billion budget is earmarked for AI-powered technologies — the UAE's strength lies in policy innovation and ecosystem-building. This complementary approach is helping the broader Gulf region gain momentum as a global AI innovation corridor. 'The UAE provides a unique balance of global accessibility, talent development, and future-ready governance,' noted Professor Patrick Glauner, IFF AI committee coordinator. 'Its neutral diplomatic positioning and strong ties with both Western and Eastern tech partners make it a magnet for cross-border AI collaboration.' At the heart of this transformation is the battle for AI talent. The UAE's efforts in creating AI labs, reskilling programmes like the National Program for Coders, and special visas for AI professionals are enhancing its ability to attract and retain global talent.
