US Attempts To Slow China's Innovation Rate

AltMachine writes: U.S. Commerce Secretary Raimondo wants the U.S. to work with Europe to slow China's innovation rate, while at the same time accusing China of ripping of western intellectual properties. "America is most effective when we work with our allies," Raimondo told CNBC's Kayla Tausche in an exclusive interview. "If we really want to slow down China's rate of innovation, we need to work with Europe. They're ripping off our IP, they are not playing by the rules. It's not a level playing field. And so we need to hold their feet to the fire to make sure that they do that." Raimondo invokes the ideological divide to justify the push. "We don't want autocratic governments like China, writing the rules of the road. We together with our allies, who care about privacy, freedom, individual rights, individual protection, we need to write the rules of the road," Raimondo said. Similar to innovation history of the U.S. which evolved from apprehending IPs of other countries before turning into a technological innovation powerhouse, China has in recent years greatly accelerated its R&D spendings and fortified IP protections. Of the more than 1,600 cases analyzed, IP owners won more than 80% of the time and permanent injunctions were issued by the Chinese courts in more than 90% of the cases. As noted by Judge Gang Feng of the Beijing IP Court in 2016, foreign corporations had a 100% win rate before that court in 2015. "We have to work with our European allies to deny China the most advanced technology so that they can't catch up in critical areas like semiconductors," Raimondo added. "We want to work with Europe, to write the rules of the road for technology, whether it's TikTok or artificial intelligence or cyber." Further reading: China's Growing Power Crunch Threatens More Global Supply Chain Chaos

US Attempts To Slow China's Innovation Rate

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