Learning from China’s approach 

Though it may be “counterintuitive” to give China credit regarding its AI regulations given the political climate, Pelz-Sharpe said its rules “set a new benchmark that may drive improved regulations elsewhere.”

The AI regulations outlaw algorithmic price gouging and require an explainable algorithmic decision-making process. The algorithms have to be “trustworthy AI,” meaning built and tested to be as fair, explainable and bias-free as possible, Pelz-Sharpe said.

While there are discussions about trustworthy AI in areas such as Europe and the U.S., Pelz-Sharpe said there’s little from a regulatory standpoint when it comes to defining the phrase. China, he said, is “making this concrete.”

“Beyond blatant and deliberate misuse of AI, two of the biggest factors of concern for its use are bias and explainability,” he said. “These regulations at least attempt to address some of these concerns.”

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New Report: IDP Market Analysis 2024-2027