Roughly 20 percent of corporations tell CNBC that within the last year, China has stolen their intellectual property, reinforcing the importance of IP theft in the trade war negotiations between the Trump administration and China.
As President Donald Trump says his administration is moving closer to a trade deal with China, one of the major sticking points has been China's disregard of intellectual property protections and claims dating back years about rampant Chinese theft of corporate trade secrets. The allegations are not hyperbole.
The CNBC Global CFO Council represents some of the largest public and private companies in the world, collectively managing nearly $5 trillion in market value across a wide variety of sectors. The survey was conducted between Feb. 7 and Feb. 22 among 54 members of the council located across the globe, including the subset of North America-based chief financial officers.
"Let me be clear," Lighthizer testified."Much still needs to be done both before an agreement is reached and, more importantly, after it is reached, if one is reached." There are no exact statistics on trade secret theft ranked by nation, but China remains the world's principal IP infringer across all types of IP theft, according to a spokesman for the IP Commission, and he noted that Chinese citizens are prosecuted most frequently in U.S. courts for trade secret theft.
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