China says it plans to crack down on intellectual property theft, but the new rules are vague and a timeline on enforcement is unclear.
The U.S. has a laundry list of complaints in its trade war with China, from a sizable trade deficit to restricted market access and complaints that the Asia giant does not import enough American goods. But perhaps the biggest thorn in the U.S.’s side has been forced technology transfers and intellectual property, or IP, theft — allegations that Beijing says are overblown.
IP theft has been rampant for ages: The U.S. says China has been stealing intellectual property for years. A 2017 report by the National Bureau of Asian Research estimated “that the annual cost to the U.S. economy continues to exceed $225 billion in counterfeit goods, pirated software, and theft of trade secrets and could be as high as $600 billion.”
China has promised to gradually reduce these requirements, and has done so, for instance, by allowing majority ownership in joint ventures in several sectors — giving greater decision-making control to the overseas entity — and allowing increased market access without the prerequisite of technology handovers.
“Strengthening IPR protections is the top priority in improving the system for the protection of property rights,” the document stated. Interestingly, the announcement put a large degree of the onus on local governments, saying they will be responsible for implementing the stricter intellectual-property-protection rules.For one, the rollback of tariffs has been an initial demand from the Chinese side, so movement in IP issues may be futile if the trade levies cannot be reduced or eliminated. In fact, tariffs on both sides have risen so high that they have largely overshadowed trade-theft concerns.
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