Ex-US Treasury chief Rubin urges US-China cooperation on AI risks

Robert Rubin, a former US Treasury Secretary, urged the United States and China to cooperate on the risks of artificial intelligence, as the two countries did on nuclear weapons during the Cold War. Yonhap, Newsis and Dong-A Ilbo reported his remarks, citing the South China Morning Post. Yonhap also cited Yicai. [ 1 , 2 , 3 ]

Rubin, who served as Treasury Secretary from 1995 to 1999 under the Clinton administration, spoke by video at an event in Shanghai. Yonhap describes him as honorary chairman of the Council on Foreign Relations. Newsis and Dong-A Ilbo say the event was the Bund Summit. According to those two outlets, he said that unfortunately the US and China hold distrust and hostility toward each other. He pointed to the SALT agreement between the US and the Soviet Union and said the two countries should set that aside and cooperate on an issue that could have enormous negative effects on both. [ 1 , 2 , 3 ]

In a conversation with Huang Yiping of Peking University's National School of Development, Rubin warned of serious AI safety risks including cyberattacks. He said open-source AI lets more people use the technology and that risks are growing as progress toward artificial general intelligence continues. Newsis and Dong-A Ilbo quote him as saying there is no immediate or permanent solution. He said both countries' political systems must pay careful and focused attention, and that a solution would not work if one country focused on the problem and the other did not. [ 1 , 2 , 3 ]

Yonhap also reported his views on AI and the economy. He said the effect of AI on economic growth is very uncertain, that returns to capital could rise while returns to labor fall, and that AI could raise productivity sharply but also cause large-scale structural unemployment, especially among knowledge workers. He rated the probability of a systemic collapse from AI-related lending as very low, citing a strong US financial system and well-capitalized large banks, and added that AI safety worries him more than AI's financial risks. [ 1 ]

Yonhap placed the remarks against the leaders' meeting on Sept 24, where it said the two presidents agreed to create an AI dialogue channel but differed on regulation. It quoted Xi Jinping as saying both countries are AI powers able and responsible to develop and regulate AI, and that it should always be controlled by people. It said Donald Trump wrote on social media that he wanted to leave the issue as it is, and later said it was better not to integrate because the US is far ahead. Yonhap added that Chinese ambassador to the US Xie Feng told Newsweek this month that the two countries need safeguards and brakes rather than an arms race. [ 1 ]

Newsis and Dong-A Ilbo said the two countries held their first AI dialogue last month, led by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent, ahead of the Xi-Trump summit. Yonhap said a second round is due next month. Newsis and Dong-A Ilbo also said Rubin urged the US to cut its fiscal deficit and China to boost domestic consumption to reduce global imbalances. He said political will is needed and that he thinks this will only happen once the next administration takes office. [ 1 , 2 , 3 ]