China “systematically stealing” US intellectual property
US Treasury Secretary Tim Geithner has launched an uncharacteristically blunt attack on China, accusing the nascent superpower of “systematically stealing” the intellectual property of American firms.
Speaking at a conference in Washington Geithner hit out at his Far East rivals for failing to enact adequate protections for such property – reflecting growing frustration in America over a lack of movement from China on the issue.
Geithner said China’s approach was: “you want to sell to our country, we want you to come produce here. If you want to come produce here, you need to transfer your technology to us.”
Geithner’s blunt assessment of Chinese policy follows growing concern globally that countries may resort to protectionism in a bid to retain a share of the globe’s declining economic output.