In her speech at the Paris AI Action Summit in February, European Commission President Ursula Von der Leyen promised to cut red tape to support AI business development and announced major investments in AI infrastructure in the EU. If the EU follows through with this strategy to try to attract more business and investment in AI, it risks weakening its unique position and influence in the global AI ecosystem and will likely weaken global AI governance efforts. However, China’s approach to AI governance differs from that of the US and the EU, as some of these measures appear geared toward minimizing risks posed by generative AI to China’s political stability rather than protecting citizens from AI harms.