Reflecting on AI's Future: Insights from the HKUST-WEF Young Global Leaders AI Module

The buzz around Generative AI has reached a fever pitch since the launch of ChatGPT, sparking conversations about how this groundbreaking technology might reshape not just our professional landscapes but also the fabric of our daily lives. However, much of our understanding of AI often resembles the parable of the "blind men and the elephant," where each of us interprets this vast, complex field through our limited, subjective experiences.

This past week, I had the privilege of joining a cohort of World Economic Forum Young Global Leaders (YGLs) at the Hong Kong University of Science and Technology (HKUST). This unique gathering brought together some of the brightest minds from academia and industry to explore the profound implications of AI on our future.

Speakers included esteemed faculty from HKUST, such as Provost Prof. GUO Yike, Chair Professor, Department of Electronics and Computer Engineering, HKUST; Prof. WANG Yang, Chair Professor, Department of Mathematics & Department of Industrial Engineering and Decision Analytics; Prof. Harry SHUM, Chairman of the HKUST Council; Prof. Donald LOW, Professor of Practice in Public Policy, Division of Public Policy, HKUST; Prof. Sean McMINN, Director of the Center for Education Innovation; Prof. Albert PARK, Chief Economist, Asian Development Bank, Chair Professor of Economics, Social Science and Public Policy; Prof. Naubahar SHARIF, Head and Professor, Division of Public Policy; Prof of Business Practice, Steven NASON; Prof. Joon Nak CHOI, Adjunct Associate Professor, Department of Management; and guest speakers such as USC Professor of Law Angela ZHANG, author of "High Wire: How China Regulates Big Tech and Governs Its Economy."

We began by considering AI from a macro perspective, examining how geopolitical dynamics—such as the decoupling between the US and China—are influencing AI governance and policy worldwide. We then delved into how different countries are navigating the uncertainties of AI development. Discussions ranged from the role of benevolence and emotions in building trust between humans and AI, to the transformative impact of AI across various sectors, including investment, education, healthcare diagnostics, smart cities, art and creativity, Web 3.0, and human cognition.

A key theme that emerged was Hong Kong's position as an international hub and its potential to reinvent itself as a technology and innovation center. Given the shifting political and economic landscape globally, there is a pressing question: Can Hong Kong reposition itself as a bridge between China and the world in the new AI era? If so, how can this be achieved?

While the week's discussions were like drinking from a firehose of information, I have tried to distill the key takeaways into five main points:

1. AI's Ubiquity and Integration: AI is rapidly becoming omnipresent. The critical question is not just about AI's capabilities, but about our awareness and willingness to embrace it. AI has the potential to significantly enhance efficiency across numerous fields, from financial analysis to medical diagnostics. However, as highlighted by Prof. Joon Nak Choi, we must rethink our educational systems to incorporate AI effectively. This involves a dual approach: integrating AI as a fundamental tool for learning and academic tasks while maintaining traditional learning methods to preserve critical thinking and judgment skills.

2. Building Trust and Maintaining Control: While AI can revolutionize business operations by improving efficiency and outcomes, it may fall short in high-empathy situations. To build trust between humans and AI, enhancements are needed in areas like transparency, accountability, and ethical use. It is crucial to develop mechanisms that allow us to monitor and evaluate AI systems effectively. This ensures we do not become overly dependent on AI, thereby maintaining control over our decision-making processes.

3. Diverging Paths in AI Governance: There is a growing divergence in AI governance models worldwide:

?? - United States: Favors a laissez-faire, decentralized, private-sector-driven approach to AI development.

?? - China: Adopts a top-down, centralized strategy, utilizing an all-of-society approach to control and advance AI.

?? - European Union: Strikes a balance between regulation and innovation, with government intervention sometimes acting as a barrier to rapid development.

?? The trajectory of AI governance will depend on leadership and societal responses to technological advancements and global competition. But regardless of which system one prefers, it was clear that it’s in everyone’s interest to maintain robust conversations between nations, particularly superpowers of US and China on the governance of AI moving forward so that we can prevent any catastrophic decisions that could have massive implications for the world at large.?

4. Hong Kong's Strategic Role in AI: Hong Kong has a unique opportunity to serve as a bridge between China and the rest of the world in the AI landscape. Its history as an international trade entrep?t and a hub for Chinese emigration positions it as a unique global city. Moreover, Hong Kong's legal system, financial openness, and integration into the Greater Bay Area—a region comparable to Germany and Switzerland in size and to Italy in economic output—could provide it with the best of both Eastern and Western worlds. Prof Sharif made the convincing argument that HK's lack of investment in R&D relative to the Asian Tigers has put it at a disadvantage in the present AI era. The challenge, therefore lies in whether Hong Kong's government and private sector can shift focus from short-term gains to long-term investments in R&D and technological innovation, building a robust ecosystem for the AI revolution.

5. The Importance of Proactive Engagement and Diverse Perspectives: Expert opinions on AI remain diverse and often contradictory, reflecting the complexities of this rapidly evolving field. The crucial takeaway is the need for proactive engagement—understanding the transformative changes AI brings and thinking deeply about how we should adapt to stay relevant. Leveraging these new tools effectively will be key to achieving our broader societal and organizational goals.

The discussion and debates during this module were greatly enhanced by the contributions of the YGL participants who represented leadership roles in the private, public and academic sectors from the US, Europe, Africa, South America, the Caribbean, and Asia. In turn we are all grateful to the WEF and to HKUST for their generosity in providing the forum and opportunity to delve into the most pressing issues facing us around AI and our future.