China to raise penalties on IP theft in trade war compromise
- Beijing will also look into lowering the thresholds for criminal punishments for those who steal IP
China has said it will raise penalties on violations of intellectual property (IP) rights in an attempt to address one of the sticking points in trade talks with the United States.
The world’s second largest economy will also look into lowering the thresholds for criminal punishments for those who steal IP, according to guidelines issued by the government on Sunday. It did not elaborate on what such moves might entail.
The two countries are working toward a partial trade deal and leaving the more controversial issues for later discussions. China’s chief trade negotiator spoke last week about the country’s plans for reforming state enterprises, opening up the financial sector and enforcing IP rights – issues at the core of US demands for change in China’s economic system.
“Strengthening IPR protection is the most important content of improving the IPR protection system and also the biggest incentive to boost China’s economic competitiveness,” according to the guidelines. Local governments will be required to implement the strengthening of IP rights, it said.