EU's AI Act, effective Aug 1, increases compliance costs for Chinese tech firms in the EU bloc.

The EU's new Artificial Intelligence Act, effective August 1, will increase compliance costs for Chinese tech companies operating in the bloc's 27 member states, according to industry experts. The act aims to protect fundamental rights, democracy, and sustainability while promoting innovation and making Europe a leader in AI. Some Chinese AI firms expect higher expenses and time to comply, fearing overregulation may hinder innovation.

July 14, 2024
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