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US claims China piracy costs it billions US

by on19 May 2011

ITC said it lost $48 billion in 2009
Chinese piracy and counterfeiting of US software and intellectual property cost American businesses an estimated $48 billion in 2009. According to a report issued by the US International Trade Commission more than 2.1 million jobs could be created in the United States if China complied with its international obligations to protect and enforce intellectual property rights. Most of the jobs would come in high-tech and other innovative industries.

The report was created at the request of the US Senate Finance Committee and it is designed to give President Obama ammunition to press Beijing for better protections. More than $26 billion of the losses came from the information and service sector and more than $18 billion came from the high-tech and heavy manufacturing sector in addition to billions more from other sectors, the report said.

Senate Finance Committee Chairman Max Baucus said China has failed to protect and enforce American intellectual property rights, and it continues to discriminate unfairly against American businesses. The figures show that there are real consequences to these violations when these numbers show that millions of American jobs are on the line.
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