Abstract: Recently, the Sixth Bund Summit was co-hosted by the China Finance 40 Forum and the China Center for International Economic Exchanges. Experts attending the summit discussed the development of artificial intelligence (AI) and its impact on macroeconomics and financial stability.
The consensus at the summit was that AI is still in its nascent stage. While significant progress has been made in applying large models to commercial and engineering fields, AI’s potential in driving economic growth and productivity has yet to be fully realized.
In terms of macroeconomics, in the short term, the high demand for AI-related resources combined with insufficient supply will lead to increased labor input without a corresponding rise in output, ultimately resulting in a decline in productivity. During this period, central banks may face increased difficulty in controlling inflation, requiring higher interest rates to stabilize the macroeconomy. In the long run, AI holds significant potential to enhance productivity. On employment, while AI may replace certain jobs, it is unlikely to cause widespread unemployment. However, the problem of inequality could worsen. One key to addressing this transformation is to strengthen education. In the financial sector, the application of large models could lead to profound transformations, while also posing significant risk management challenges for financial institutions and regulators. Regarding AI regulation, the summit outlined five guiding principles, including the need to balance benefits and risks.
