Xi Jinping’s first keynote at World AI Conference signals China’s tech priorities, and crypto isn’t one of them

Chinese President Xi Jinping just delivered his first-ever keynote speech at the World Artificial Intelligence Conference in Shanghai, an event that’s been running since 2018. Beijing wants the world to know it’s serious about leading the AI race.

The 2026 WAIC, running from July 17 to 20 under the theme “Intelligent Partners, Co-create the Future,” doubled as a High-Level Meeting on Global AI Governance.

A coalition takes shape

The day before Xi’s keynote, representatives from 29 countries signed a pact to establish a global AI cooperation body.

Beijing announced the conference details through its Ministry of Foreign Affairs on July 13, just four days before the event.

The cooperation framework directly serves China’s stated goal of promoting AI as an “international public good.” Beijing wants to write the rulebook for how nations develop and deploy artificial intelligence, positioning itself as the convener rather than a participant following someone else’s standards.

What wasn’t said matters more

Across the entire conference, across Xi’s landmark keynote, across the multilateral governance discussions, there was not a single reference to cryptocurrencies, blockchain technology, or digital tokens.

China’s relationship with crypto has been hostile since the sweeping bans of 2021, when Beijing effectively outlawed cryptocurrency trading and mining. For a country that once hosted roughly 65% of global Bitcoin mining, the pivot is striking.

The investment implications

The formation of a 29-country AI cooperation body creates a new dynamic for global capital flows. When nearly 30 nations agree to coordinate on AI standards and governance, it establishes regulatory clarity for that sector while potentially leaving crypto in a gray zone across those same jurisdictions.

Washington has been tightening its grip on AI chip exports to China while simultaneously warming to crypto regulation under the current administration. That creates an interesting divergence: the US moving toward a framework where both AI and crypto can coexist, while China goes all-in on one and effectively bans the other.

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