In the News: Hamburg Summit; Shanghai FTZ Growth; and AI Regulation
November 27, 2018 | BY
Jacelyn JohnsonGlobal officials and entrepreneurs meet in Hamburg for Belt and Road Initiative; Shanghai FTZ reports 5.8% import-export increase; and legislators prepare to regulate artificial intelligence.
Hamburg Summit Closes in on Belt and Road Initiative
The eighth annual Hamburg Summit: China meets Europe which opened on November 26 saw officials, scholars and entrepreneurs from China and Europe gather in Hamburg, Germany for a conference on international economic cooperation against the backdrop of rising protectionism.
Former German Chancellor Gerhard Schröder, in his opening speech, called for China and Europe to further strengthen their partnership in view of taking on a greater responsibility globally.
“I welcome the opportunities created by the 'one belt, one road initiative,'” said Schröder. “It will bring people and businesses in Asia and Europe closer together. It is a strong signal that China wants closer, faster, better connections with its main trading partners.”
Li Yizhong, Chairman of the China Federation of Industrial Economics, stressed on the opportunities created by the BRI in promoting bilateral trade, utilizing digitization and innovation cooperation. Li also called for more China-EU financial cooperation, and for the economies to work together to open up new space for research and development and investment.
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Shanghai FTZ a Model of Success
China's State Council released a document outlining 50 plus measures supporting the country's 12 pilot free trade zones, in order to strengthen reform and innovation and create a more favorable investment environment.
The measures zoom in on facilitating trade, financial innovation and advancing human resources practices.
China's pilot FTZs have become a model of success in promoting the country's reform and opening up. According to Shanghai customs data, 19,000 new companies registered since the Shanghai Free Trade Zone opened its doors in 2013.
Recent customs data also showed that the Shanghai FTZ generated 42.9% of the city's total import and export volume in the first 10 months of this year, reaching $174 billion, up 5.8% year on year.
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China to Regulate Artificial Intelligence
The National People's Congress is researching on developing a legislative framework to regulate artificial intelligence in China.
The NPC special committees and relevant departments will carry out research on legal issues related to AI, and prepare a regulatory framework as China prepares for new-generation AI development.
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