US lawmakers to hold hearing on Chinese role behind IP thefts
Two influential US lawmakers will hold a hearing into the "blatant acts of thievery" of technology and systems designed in America, amid concern over alleged corporate espionage and questionable trade practices by China and its entities.
The hearing 'Wanton Loot: How China Is Stealing Ideas from American Entrepreneurs' will be held in Florida on Wednesday.
"There are too many signs to ignore the likelihood that the Chinese government is behind the blatant acts of thievery of technology and systems designed in the US," said Congressman Matt Gaetz.
"One glaring example took place right in Tallahassee, and we're going to hear the details so we can fight back to protect our ideas as much as our people, communities, businesses and borders in the future," he said.
Gaetz, who is convening the hearing, said the experience of Tallahassee-based Bing Energy will be a high-profile component of the hearing.
The company suffered the intellectual property (IP) theft of advanced energy technology by Chinese nationals who then established a separate company in their native country, based on that technology.
Local investors and company officials are seeking justice through legal channels.
"We in Congress cannot sit by and watch our biggest global competitor try to get an edge by stealing from our creative, inventive and entrepreneurial society to profit from the work being done in the US," said Congressman Neal Dunn.
It is estimated that intellectual property theft in the form of stolen trade secrets, pirated software, counterfeiting and other nefarious schemes costs the US more than USD 225 billion every year and China is one of the main offenders.
"These crimes stifle American entrepreneurs and diminish economic growth in our country," Dunn said in a statement.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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