Chinese Premier Li Qiang speaks at the opening ceremony of the World Artificial Intelligence Conference in Shanghai. Reuters
Chinese Premier Li Qiang speaks at the opening ceremony of the World Artificial Intelligence Conference in Shanghai. Reuters
Chinese Premier Li Qiang speaks at the opening ceremony of the World Artificial Intelligence Conference in Shanghai. Reuters
Chinese Premier Li Qiang speaks at the opening ceremony of the World Artificial Intelligence Conference in Shanghai. Reuters

China proposes global AI co-operation organisation


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China has proposed a new global artificial intelligence co-operation organisation amid a patchwork of regulations among countries, as Beijing's competition with the US over the critical technology heats up.

Chinese Premier Li Qiang on Saturday called for an international framework to regulate AI as its governance is fragmented, he said at the opening of the annual World Artificial Intelligence Conference in Shanghai.

“Global AI governance is still fragmented. Countries have great differences, particularly in terms of areas such as regulatory concepts, institutional rules,” Mr Li said. “We should strengthen co-ordination to form a global AI governance framework that has broad consensus as soon as possible.”

China's proposal comes just days after US President Donald Trump unveiled a three-pillar strategy that his administration refers to as America's AI Action Plan, after much anticipation from US technology companies. Accelerating artificial intelligence innovation, building AI infrastructure in the US and leading in AI diplomacy are the strategy's three main planks.

The plan to export US AI technologies, for example through international data centre initiatives, may help the US to gain influence as other countries seek to join the race to provide computational power for AI.

Hypothetically, it could also give the US a competitive edge over China, which also aims to be a dominant AI player.

Beijing and Washington are locked in a rivalry with AI shaping up as a key battleground between the world's two biggest economies.

'Exclusive game'

During the three-day conference in Shanghai on Saturday, Mr Li said AI could become restricted to a few nations and companies.

“Currently, key resources and capabilities are concentrated in a few countries and a few enterprises. If we engage in technological monopoly, controls and restrictions, AI will become an exclusive game for a small number of countries and enterprises,” Mr Li said.

China will seek to propel AI development in the Global South, Mr Li said, according to a Bloomberg report.

Ma Zhaoxu, China's Vice Foreign Minister, told a gathering of representatives from more than 30 countries, including Russia, South Africa, Qatar, South Korea and Germany, that China wanted the new organisation to promote pragmatic co-operation in AI and was considering putting its headquarters in Shanghai, Reuters reported.

China's AI and semi-conductor sectors are showing strong growth, despite US export controls, according to a June report by Jefferies, an investment banking and capital market firm based in New York.

Huawei debuts AI computing system

At the conference on Saturday, Huawei Technologies debuted its CloudMatrix 384 AI computing system.

The Chinese technology giant is aiming to capture market share in the country's growing artificial intelligence sector.

Semiconductor research group SemiAnalysis has called the system "China’s answer to Nvidia GB200 NVL72", the US chipmaker's most advanced system-level product in the market.

"This solution competes directly with the GB200 NVL72, and in some metrics is more advanced than Nvidia’s rack scale solution," SemiAnalysis said in April. "The engineering advantage is at the system level, not just at the chip level, with innovation at the networking, optics, and software layers."

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MATCH INFO

Who: France v Italy
When: Friday, 11pm (UAE)
TV: BeIN Sports

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

First Person
Richard Flanagan
Chatto & Windus 

MATCH INFO

RB Leipzig 2 (Klostermann 24', Schick 68')

Hertha Berlin 2 (Grujic 9', Piatek 82' pen)

Man of the match Matheus Cunha (Hertha Berlin

Russia's Muslim Heartlands

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Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Marathon results

Men:

 1. Titus Ekiru(KEN) 2:06:13 

2. Alphonce Simbu(TAN) 2:07:50 

3. Reuben Kipyego(KEN) 2:08:25 

4. Abel Kirui(KEN) 2:08:46 

5. Felix Kemutai(KEN) 2:10:48  

Women:

1. Judith Korir(KEN) 2:22:30 

2. Eunice Chumba(BHR) 2:26:01 

3. Immaculate Chemutai(UGA) 2:28:30 

4. Abebech Bekele(ETH) 2:29:43 

5. Aleksandra Morozova(RUS) 2:33:01  

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March 4-8: First Test, Rawalpindi

March 12-16: Second Test, Karachi

March 21-25: Third Test, Lahore

March 29: First ODI, Rawalpindi

March 31: Second ODI, Rawalpindi

April 2: Third ODI, Rawalpindi

April 5: T20I, Rawalpindi

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Joseph E. Stiglitz
W. W. Norton & Company

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1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

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8pm: Maiden (TB) Dh80,000 (T) 1,400m, Winner: Nibras Passion, Bernardo Pinheiro, Ismail Mohammed

SPECS
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MATCH INFO

Brescia 1 (Skrinia og, 76)

Inter Milan 2 (Martinez 33, Lukaku 63)

 

Updated: July 26, 2025, 12:19 PM