Intellectual Property Protection In China

Student’s Name Tutor’s Name Course Date Intellectual Property in China Intellectual property protection is a common challenge for multinational corporations operating in China. Despite the existence of laws, intellectual property is not well respected in China. In spite of being a part of the World Trade Organization (WTO) for 15 years, China has compliance problems related to intellectual property rights. After its accession to the WTO, China undertook an extensive revision of its laws and regulatory framework that intended to protect the intellectual property rights of both local and foreign rights holder as required by the World Trade Organization acts. Insufficiencies in China’s intellectual property rights defense and implementation continue to present serious barriers to the United States exports and investment. As stated in a 2016 report, the U.S is continuously engaging China on various important issues, including internet-related services, administrative, licensing, medical devices, among others in areas that concern intellectual property rights enforcement (NEW). Notably, China has a reputation for intellectual property violations. For example, according to the U.S government, China contributes 80% of the United States theft, amounting to $300 billion loss in business (Schotter and Teagarden). Various estimates by the U.S secretary William Lash, indicate that the intellectual property rights thefts have cost countries billions of dollars. As a way of enforcing the violations, China made a contract with internationally known brands including the Louis Vuitton and Gucci stating that the markets were restricted from selling fake or simulated products. Within a span of time, merchants at the famous Silk Alley marketplace in Beijing were out vending fake products in the streets. This was an indication that the Chinese government was not willing or was incapable of controlling rampant piracy within these markets (Schotter and Teagarden). China is said to have rampant problems with counterfeited or fake goods. China's economy is ubiquitously affected by the intellectual property leaka...