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Artificial Intelligence (AI) is moving into a new phase where it is demonstrating the ability to supplement or replace humans across a range of decision-making activities. The transformative power of AI will require sensible regulation and heightened ethical sensitivity to ensure that it enhances rather than undermines human capabilities and values. The successful management of AI will necessitate coordination at the national, international and supranational levels among stakeholders of all types. Moreover, the shape of an AI-supplemented world will be heavily influenced by the rivalry between China and the United States as the world’s leading economic and AI powers. This paper will weave together the above themes to outline the relevant issues and stakes and the manner in which they can be managed to yield a productive AI-supplemented future, wherein AI’s promise is maximized and its potential perils avoided or mitigated.