China has passed a law that it says will defend the intellectual property rights of foreign companies working within the country.
Theft of intellectual property from U.S. companies is a driving concern in President Trump’s trade war with the world’s second-largest economy, with American negotiators looking to halt forced sharing of trade secrets as a situation of doing business within the country. The United States has inflicted tariffs on billions of dollars in Chinese imports, driving up costs for businesses, and the two countries recently established a framework for a “phase one” deal.
Under the new regulations, which take impact on Jan. 1, China will “guarantee higher protection for trade secrets and never permit forced technology transfer,” Ning mentioned. “Additional, China will strengthen and speed up enhancements made to standards for patents, trademarks, copyright infringement, counterfeiting judgments, inspection, and identification.”
Ning is known as the U.S. to do its part. “The other side also needs to improve the business atmosphere and provide convenience for Chinese-funded enterprises,” he stated.
The White House didn’t immediately reply to the news channel request for comment.
The tentative U.S.-China deal, which has not yet been signed, is claimed to include China making concessions on intellectual property, financial services, and agriculture. In return, the U.S. agreed not to implement new tariffs on Chinese goods on Oct. 15. It isn’t yet clear if the U.S. will go through with its next round of tariffs scheduled for Dec. 15.
The two sides are working on completing a written draft for Presidents Trump and Xi Jinping to sign when they’re in Chile next month for the Asia-Pacific Economic Cooperation summit.
Trump has stated a comprehensive trade deal will have two or three phases.