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China Gdp Essay

581 words - 3 pages

With China’s GDP growth still hovering around 9.1% YOY, American companies are continuing to set up factories and look into China to boost profits. All-American companies such as Apple and the Gap are expanding into Mainland China to take advantage of cheap labor. In 2009, US foreign direct investment was north of $3.6 billion dollars from $2.8 billion in 2008. However, US companies are still facing issues with piracy and intellectual property rights once setting shop in China. Assistant Secretary for the Economic and Business Affairs Jose Fernandez said, “One US Company was the victim of Chinese hackers who stole technology that costs $1 billion and 20 years to develop. After theft of its technology came to light, another company lost 40% value in a single day and *4% within five months.” US companies have seen their businesses go from millions to zero ...view middle of the document...

Washington and Obama have been hounding Chinese officials to buckle down on copyright infringement, intellectual property piracy, and counterfeiting. The US officials have filed formal complaints with the WTO and US trade Representative Susan Schwab has announced more complaints will be filed. Chinese officials have responded that these filings will bring “an unfavorable impact on bilateral trade.” With the WTO ruling in favor of the US, it signals that the US will continue to use the WTO as reinforcement to pressure China; however, the WTO also mentioned it will require further evidence before concluding that Chinese laws are too lax on such a matter. The main issue is that basic protection of intellectual property does not exist in China. The Chinese government has created a series of laws that protect Western property, but these laws are not enforced seriously. The problem is many Chinese government officials have a personal stake in the piracy businesses.
The issue of intellectual property rights in China is undermining the US-China trade relationship. Senator Chuck Grassley announced, “China wants the benefits of an economic relationship with the United States but won’t hold up its end of the bargain.” Bilateral trade diplomacy between the two countries should be mutually beneficial. The US can benefit from cheaper labor wages, open markets to a 2 billion population, and will increase profits of US companies. On the other hand, China will receive the benefits of foreign direct investment that will continue to push GDP growth in China. This should be a positive sum game; however, if US companies continue to see profits fall once entering China, the US-China trade agreement will be revised. Mitt Romney argues that the US should continue to aggressively look for forging relationships with other nations that are committed to the laws of free trade. The US has made it clear that it will not support China’s hopes of being a full member of the world trading community unless intellectual property laws are revised.

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