{"id":1095,"date":"2026-07-18T04:02:56","date_gmt":"2026-07-18T04:02:56","guid":{"rendered":"https:\/\/valutednews.com\/?p=1095"},"modified":"2026-07-18T04:02:56","modified_gmt":"2026-07-18T04:02:56","slug":"xi-outlines-chinas-ambitions-to-challenge-us-dominance-in-ai","status":"publish","type":"post","link":"https:\/\/valutednews.com\/?p=1095","title":{"rendered":"Xi outlines China\u2019s ambitions to challenge US dominance in AI"},"content":{"rendered":"<div style=\"text-align:center\"><img decoding=\"async\" src=\"https:\/\/images.ft.com\/v3\/image\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ffc27528d-7bb2-418d-b12e-9a04d87ad569.png?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Xi outlines China\u2019s ambitions to challenge US dominance in AI\" title=\"Xi outlines China\u2019s ambitions to challenge US dominance in AI\" \/><\/div><p><\/p>\n<div id=\"article-body\">\n<p>Good morning, happy Friday and welcome to FirstFT. In today\u2019s newsletter:<\/p>\n<ul class=\"o3-editorial-typography-list-unordered\">\n<li>\n<p>Xi warns of AI risks and calls for global co-operation <\/p>\n<\/li>\n<li>\n<p>Trump revives claims 2020 election was \u201cstolen\u201d <\/p>\n<\/li>\n<li>\n<p>The billionaire scions fighting to escape the family shadow<\/p>\n<\/li>\n<li>\n<p>Yamal vs Messi in Sunday\u2019s World Cup final <\/p>\n<\/li>\n<\/ul>\n<hr\/>\n<p>We start today in Shanghai where President Xi Jinping has outlined <a href=\"https:\/\/www.ft.com\/content\/ddb316b4-c6ae-4b9b-9d4a-63d63201d4fc?syn-25a6b1a6=1\" title=\"\" data-trackable=\"link\">China\u2019s ambitions to challenge the US<\/a> as the global leader in artificial intelligence.<\/p>\n<p>Speaking at an AI conference, China\u2019s president called for international co-operation as he warned of the risks of the new technology that was developing at \u201cstaggering speed\u201d.<\/p>\n<p><strong>A China-led push for international co-operation:<\/strong> The comments came a day after 30 countries, including Russia, Brazil and Indonesia but not western countries, signed up to a new group that will give Beijing more influence over the international standards governing AI. Xi called the World Artificial Intelligence Cooperation Organization an \u201cimportant milestone in the history of AI development\u201d.<\/p>\n<p>China\u2019s AI start-ups have released increasingly powerful models capable of challenging leading US labs such as OpenAI and Anthropic. Yesterday Chinese AI start-up Moonshot <a href=\"https:\/\/www.ft.com\/content\/c6ecd8ce-c441-4d7c-aea6-fae3e28fb6ff?syn-25a6b1a6=1\" title=\"\" data-trackable=\"link\">debuted a large language model<\/a> that highlighted the narrowing gap between US and Chinese technology companies. <\/p>\n<p><strong>AI trade goes into reverse:<\/strong> Xi\u2019s speech coincided <a href=\"https:\/\/www.ft.com\/content\/79a15abd-5892-4f1c-b038-b09a1ceecabb?syn-25a6b1a6=1\" title=\"\" data-trackable=\"link\">with big falls on global stock markets<\/a> on Friday as investors continue to cool on some of the biggest winners from the AI boom. Asian markets took their lead <a href=\"https:\/\/www.ft.com\/content\/c92a5a36-55a0-4d04-b84c-d1705976987b?syn-25a6b1a6=1\" title=\"\" data-trackable=\"link\">from yesterday\u2019s steep falls on US stock markets<\/a>, led by memory and computer storage makers. US semiconductor companies are on track for their worst week since last year\u2019s \u201cliberation day\u201d market rout.<\/p>\n<p>Japan\u2019s tech-heavy Nikkei 225 index fell 4 per cent and China\u2019s CSI 300 weakened 3.6 per cent. Futures indicate the Nasdaq 100 will open 1.3 per cent lower and the S&amp;P 500 will fall 0.8 per cent at the open of trading today.<\/p>\n<p>Here\u2019s what else I\u2019m keeping tabs on today and over the weekend:<\/p>\n<ul class=\"o3-editorial-typography-list-unordered\">\n<li>\n<p><strong>Economic data: <\/strong>On the calendar today is the release of US monthly import and export prices as well as industrial production. In Brazil, inflation as measured by the IGP-10 price index is updated for July.<\/p>\n<\/li>\n<li>\n<p><strong>New UK leader:<\/strong> Andy Burnham will begin his transition to become the UK prime minister when he is made <a href=\"https:\/\/www.ft.com\/content\/26ef759a-c5b3-4992-ab58-7b9a11d31371?syn-25a6b1a6=1\" title=\"\" data-trackable=\"link\">leader of the ruling Labour Party<\/a>. On Monday he will travel to Buckingham Palace and be formally sworn in as prime minister.<\/p>\n<\/li>\n<li>\n<p><strong>World Cup final:<\/strong> The reigning champions Argentina face Spain in New Jersey on Sunday.<\/p>\n<\/li>\n<\/ul>\n<h3 id=\"sjgrytni\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Five more top stories<\/h3>\n<p><strong>1. Donald Trump used a lengthy primetime speech last night to revive previously debunked claims<\/strong> that China interfered\u00a0in the \u201cstolen\u201d 2020 presidential election. Just three months before the midterm elections the president released declassified US intelligence that he claimed showed \u201cshocking vulnerabilities\u201d <a href=\"https:\/\/www.ft.com\/content\/61909f37-b1b5-41af-bac0-3e64bbe0506d?syn-25a6b1a6=1\" title=\"\" data-trackable=\"link\">in the American election infrastructure<\/a>.<\/p>\n<p><strong>2. Netflix shares fell nearly 10 per cent last night<\/strong> after the streaming giant forecast its worst revenue growth in three years. The stock fell in after-hours trading even as Netflix <a href=\"https:\/\/www.ft.com\/content\/2c5151d9-738f-4808-bbd0-15aaf48d922e?syn-25a6b1a6=1\" title=\"\" data-trackable=\"link\">largely met expectations for its second-quarter earnings<\/a>. Investors have worried about rising competition and questions about Netflix\u2019s strategy following its failed attempt to buy Warner Bros Discovery.<\/p>\n<p><strong>3. Ukraine\u2019s President Volodymyr Zelenskyy is facing one of the biggest displays of dissent since Russia\u2019s 2022 full-scale invasion<\/strong> after a move to oust his defence minister <a href=\"https:\/\/www.ft.com\/content\/06865b90-5b62-46c5-ae8d-147842b41cd0?syn-25a6b1a6=1\" title=\"\" data-trackable=\"link\">prompted a public and political backlash<\/a>. Zelenskyy spent much of yesterday talking to his chief of staff seeking to co-ordinate a path out of the turmoil, aides to the president said.<\/p>\n<p><strong>4. The US escalated its military campaign against Iran overnight,<\/strong> <a href=\"https:\/\/www.ft.com\/content\/119c8222-89ce-4c45-ad77-9bb4aab06bdd?syn-25a6b1a6=1\" title=\"\" data-trackable=\"link\">striking deeper inside the Islamic republic<\/a> and hitting infrastructure including six bridges in a southern port, a railway and an airport, according to Iranian state media. The latest strikes come as President Donald Trump seeks to increase the economic pressure on Tehran, as the US and Iran battle for control of the Strait of Hormuz.<\/p>\n<p><strong>5. Christopher Nolan\u2019s hotly anticipated adaptation of <\/strong><em><strong>The Odyssey<\/strong><\/em><strong> is set to push the summer box office to pre-pandemic levels,<\/strong> boosting cinema executives\u2019 hopes <a href=\"https:\/\/www.ft.com\/content\/0daddbdf-775c-4f93-bf94-1b99aba0d5a0?syn-25a6b1a6=1\" title=\"\" data-trackable=\"link\">for a record year<\/a>. The film is on track to take more than $200mn in box-office opening sales this weekend, according to estimates shared with the FT, putting it ahead of the Oscar-winning director\u2019s hit <em>Oppenheimer<\/em> three years ago.\u00a0<\/p>\n<h3 id=\"jayjemxb\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Heirs apparent<\/h3>\n<figure id=\"qifbpxad\" class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/images.ft.com\/v3\/image\/raw\/ftcms%3A766cfead-ac88-47cf-a5d0-76cd7fc32b4e?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1 1x\" width=\"800\" height=\"450\"\/><img decoding=\"async\" src=\"https:\/\/images.ft.com\/v3\/image\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F766cfead-ac88-47cf-a5d0-76cd7fc32b4e.jpg?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1\" alt=\"Five young people from around the world against a backdrop of dollars\" data-image-type=\"image\" width=\"800\" height=\"450\" loading=\"lazy\"\/><\/picture><figcaption class=\"n-content-picture__caption o3-editorial-typography-caption\"><span>From left: Miltiadis Marinakis, Thlopie Motsepe, Mario Ho, Halima Dangote and Parth Jindal<\/span><span> <!-- -->\u00a9 FT montage\/Getty Images\/Reuters\/PA<\/span><\/figcaption><\/figure>\n<p>Many millennial and Gen-Z members of the world\u2019s biggest family businesses are preparing to take up the hereditary mantle, with more than $60tn poised to pass into their hands in the US alone before 2048 as part of the \u201cgreat wealth transfer\u201d that is gripping Wall Street. <\/p>\n<p>Some heirs are preparing to take over family businesses while others are using their financial freedom to turn passions into businesses or start their own companies.<\/p>\n<p>Here are the billionaire scions fighting to <a href=\"https:\/\/www.ft.com\/content\/dfeddb6e-d1a2-44b0-b9cb-fb02b3fdbe94\" title=\"\" data-trackable=\"link\">escape the family shadow<\/a>.<\/p>\n<h3 id=\"jopofcaf\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">We\u2019re also reading\u2009.\u2009.\u2009.\u2009<\/h3>\n<ul class=\"o3-editorial-typography-list-unordered\">\n<li>\n<p><strong>Investor fatalism: <\/strong>Reports of a plan by Russia and China to disable satellites underline how <a href=\"https:\/\/www.ft.com\/content\/e7039185-9c0f-4a55-bb16-3caccb619c00\" title=\"\" data-trackable=\"link\">markets are ignoring<\/a> geopolitical threats to the tech boom, writes Gillian Tett.<\/p>\n<\/li>\n<li>\n<p><strong>Iran\u2019s return to war:<\/strong> Tehran believes that further escalation will force the US to offer the security and <a href=\"https:\/\/www.ft.com\/content\/22fdb2d5-b454-4a65-9aa9-e56371533ccf\" title=\"\" data-trackable=\"link\">economic relief the country craves<\/a>, writes Vali Nasr, professor at Johns Hopkins University.<\/p>\n<\/li>\n<li>\n<p><strong>Extraterrestrial life:<\/strong> Astronomers have made what they called a milestone in the search for life <a href=\"https:\/\/www.ft.com\/content\/231ece1f-85e5-49ce-925a-810fbe9ee6e6?syn-25a6b1a6=1\" title=\"\" data-trackable=\"link\">elsewhere in the galaxy<\/a>. <\/p>\n<\/li>\n<\/ul>\n<h3 id=\"wzgbywsc\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Chart of the day<\/h3>\n<div id=\"omyeoeyk\" class=\"n-content-layout\" data-component=\"flourish\" data-component-id=\"29698724\" data-component-type=\"flourish-in-article\">\n<figure class=\"n-content-picture n-content-layout__container\"><a href=\"#29698724\"><picture data-asset-type=\"flourish\" data-flourish-id=\"29698724\" data-flourish-type=\"visualisation\">\n<div id=\"29698724\" class=\"cp-message o-message o-message--inform o-message--notice\" data-o-component=\"o-message\">\n<div class=\"o-message__container\">\n<div class=\"o-message__content\">\n<p class=\"o-message__content-main\">Some content could not load. Check your internet connection or browser settings.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><img decoding=\"async\" src=\"https:\/\/images.ft.com\/v3\/image\/raw\/https%3A%2F%2Fpublic.flourish.studio%2Fvisualisation%2F29698724%2Fthumbnail%3FcacheBuster%3D991267?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=1020&amp;dpr=1\" alt=\"\"\/><\/picture><\/a><\/figure>\n<\/div>\n<p>Are we really entering an AI-induced jobs apocalypse? Companies in sectors ranging from consulting to engineering and fashion are updating their hiring practices and training programmes after realising that young staff can bring an AI fluency to work. The heaviest adopters of the technology are actually bringing in more entry-level employees, whose roles are being <a href=\"https:\/\/www.ft.com\/content\/6cb9570b-dccd-46f5-b42a-4d0b7b5de35a\" title=\"\" data-trackable=\"link\">reshaped for the AI era<\/a>. <\/p>\n<h3 id=\"ugwecrzx\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Take a break from the news\u2009.\u2009.\u2009.\u2009<\/h3>\n<p>On Sunday Lamine Yamal, who turned 19 on Monday, faces Lionel Messi\u2019s Argentina in the World Cup final. Though below his best in this tournament, fighting recurrent injuries, Yamal is already <a href=\"https:\/\/www.ft.com\/content\/06c0371b-d73c-4060-8993-9ed2e0d54a85?syn-25a6b1a6=1\" title=\"\" data-trackable=\"link\">probably the most successful young footballer in history<\/a>, writes Simon Kuper.<\/p>\n<figure id=\"gsuovjts\" class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/images.ft.com\/v3\/image\/raw\/ftcms%3A3bd96db8-5184-40c1-ae54-7bb2af6718db?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1 1x,https:\/\/images.ft.com\/v3\/image\/raw\/ftcms%3A3bd96db8-5184-40c1-ae54-7bb2af6718db?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=2 2x,https:\/\/images.ft.com\/v3\/image\/raw\/ftcms%3A3bd96db8-5184-40c1-ae54-7bb2af6718db?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=3 3x,https:\/\/images.ft.com\/v3\/image\/raw\/ftcms%3A3bd96db8-5184-40c1-ae54-7bb2af6718db?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=4 4x,https:\/\/images.ft.com\/v3\/image\/raw\/ftcms%3A3bd96db8-5184-40c1-ae54-7bb2af6718db?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=5 5x\" width=\"3623\" height=\"2416\"\/><img decoding=\"async\" src=\"https:\/\/images.ft.com\/v3\/image\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F3bd96db8-5184-40c1-ae54-7bb2af6718db.jpg?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1\" alt=\"Lionel Messi and Lamine Yamal shown in separate portraits ahead of the 2026 World Cup final between Argentina and Spain.\" data-image-type=\"image\" width=\"3623\" height=\"2416\" loading=\"lazy\"\/><\/picture><figcaption class=\"n-content-picture__caption o3-editorial-typography-caption\"><span>Lionel Messi, left, and Lamine Yamal will face each other in Sunday\u2019s World Cup final<\/span><span> <!-- -->\u00a9 AFP via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, happy Friday and welcome to FirstFT. In today\u2019s newsletter: Xi warns of AI risks and calls for global co-operation Trump revives claims 2020 election was \u201cstolen\u201d The billionaire scions fighting to escape the family shadow Yamal vs Messi in Sunday\u2019s World Cup final We start today in Shanghai where President Xi Jinping has&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.ft.com\/v3\/image\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ffc27528d-7bb2-418d-b12e-9a04d87ad569.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1","fifu_image_alt":"","footnotes":""},"categories":[19],"tags":[2214,2215,1898,2216,2213],"class_list":["post-1095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-ambitions","tag-challenge","tag-chinas","tag-dominance","tag-outlines"],"_links":{"self":[{"href":"https:\/\/valutednews.com\/index.php?rest_route=\/wp\/v2\/posts\/1095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/valutednews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/valutednews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/valutednews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/valutednews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1095"}],"version-history":[{"count":0,"href":"https:\/\/valutednews.com\/index.php?rest_route=\/wp\/v2\/posts\/1095\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/valutednews.com\/index.php?rest_route=\/wp\/v2\/media\/1096"}],"wp:attachment":[{"href":"https:\/\/valutednews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/valutednews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/valutednews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}