Nobel economist: A multilateral trade system may work without US
"I think we're going to still have a multilateral system because the major players, other than the US, are big, powerful and committed to having a workable multilateral structure," he said, mentioning the possibility for the US to rejoin the system.
While the post-pandemic era has brought rapid changes, Spence said he doesn't think this derails the process of trying to make a practical — and somewhat more complex — version of multilateralism work because it benefits all parties and is essential in addressing global challenges such as climate change.
Spence added that the gap between the US and China in the field of artificial intelligence is closing as a result of China's innovation in the efficiency of training generative AI models.
As the two engines advancing the frontiers of AI, companies in both China and the US are producing smaller generative AI models that are less expensive to use, which are important and positive developments for the global economy.
