Latest study suggests that United States firms could support nearly one million more jobs if only China would stop their intellectual property violations. Such findings lead US lawmakers in criticizing the practice trade in Beijing, China.
Base on the survey conducted by the US International Trade Commission as requested by the Senators, due to the violation of China to the intellectual property rights, it is estimated by US business that they lost some $48 billion in 2009.
According to the result of the survey, 93,000 jobs can be offered by companies at home if only China would raise its enforcement to US levels. However, the figure includes hiring from other companies, not just new jobs in the sector.
Senate Finance Committee chairman and head of the team that conducted the study, Max Baucus said that China’s trade practices were costing the United States “billions of dollars and millions of jobs.”
Baucus said to a member of President Barack Obama’s Democratic Party that they cannot pretend that there aren’t any effect to this violation that China is doing especially that numbers show that million of American jobs are on the line.
The latest report was released during the session of the Asia-Pacific Economic Cooperation (APEC) forum which was hosted by Baucus and held at his home state in Big Sky ski resort in Montana where in trade officials from 21 Asia-Pacific economies met.
He hosted the forum hoping that this would help breakdown trade barriers and make it cheaper, faster and easier for US small businesses to export to these lucrative markets.
One of the members of the rival Republican Party, Senator Chuck Gr(–foul word(s) removed–)ley said that figures in the latest study showed the need to seek rigorous and tighter protection when it comes to intellectual property in negotiating trade deals.
Lowa senator said that China wants the benefit of an economic relationship with the United States but won’t hold up its end of the bargain.
In the past years the world’s two largest economies the United States and China have long sparred on trade with a number of US lawmakers accusing the emerging giant of unfairly supporting its industries to fuel exports.
During talks earlier this month in Washington, Vice Premier Wang Qishan rejected suggestions that China’s growth came through artificial measures such as a devalued currency and urged the United States not to “politicize” economic relations.