US Treasury proposes AI incident notification mechanism after talks with China

He Lifeng: He Lifeng is a Chinese Vice Premier and member of the Political Bureau of the Communist Party of China Central Committee, with responsibility for economic and trade affairs. He leads delegations in high-level bilateral economic consultations. In the news context, he engaged with US Treasury Secretary Scott Bessent and other officials on AI national security issues and related mechanisms ahead of a Trump-Xi summit. US Treasury: The US Department of the Treasury is the executive agency responsible for federal economic policy, financial management, and international financial relations. Led by Secretary Scott Bessent, it has taken a lead role in coordinating US positions on emerging technology risks. In the current news, the department advanced a proposal for an AI incident notification mechanism during bilateral talks with China. Scott Bessent: Scott Bessent serves as the US Treasury Secretary in the Trump administration, overseeing economic policy, trade relations, and aspects of AI governance. He has positioned himself as a key point person for US-China economic dialogue and AI-related national security matters. In the reported development, he publicly outlined the US proposal for a notification system following talks with Chinese officials in New York. Technology Policy: The talks addressed shared AI goals and threats as part of broader efforts to manage risks without splitting the countries' AI ecosystems. AI Risk Management: Both countries discussed mechanisms to increase transparency on AI matters reaching national security thresholds between the world's two leading AI powers. Bilateral Dialogue: The US and China held economic and trade talks in New York involving Treasury Secretary Scott Bessent and Vice Premier He Lifeng to lay groundwork for a presidential summit.