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US says China to improve legal protections of American trade secrets
US Commerce Secretary Penny Pritzker said China would offer better legal protection to US firms suffering theft of trade secrets, after otherwise disappointing annual trade talks, Reuters reports.
Meeting in Guangzhou over the weekend, the Joint Commission on Commerce and Trade (JCCT) talks held amid US bitterness over cyber hacking.
But both Ms Pritzker and US Trade Representative Michael Froman said the talks clarified China's intent to do more to help firms facing the theft of trade secrets.
"We got significant outcomes on trade secrets which is a really big issue," said Ms Pritzker.
"This is where China clarified its intent to make preliminary injunctions and meaningful remedies more accessible to those confronting trade secret theft - it's a big deal," she said.
It has been growing problem for American firm, with victims including General Motors, Ford, DuPont, Dow Chemical, Motorola, Boeing and Cargill.
Mr Froman told Reuters that he expected some US genetically modified crop strains, including GMO soybeans, could be approved by China by year end.
"The approval process has been stuck for a long time, we're encouraging China to move them out," Mr Froman said.
While Beijing has pledged to loosen its manufacturing and service sectors, regulators issued a negative list of prohibited and restricted industries for foreign investors in March.
American business lobbies says the list is too long and must be cut back.
The Chinese delegation at the talks was led by Vice Premier Wang Yang, who spoke of the need "to turn the political will and joint expectation into concrete outcomes of co-operation".
Meeting in Guangzhou over the weekend, the Joint Commission on Commerce and Trade (JCCT) talks held amid US bitterness over cyber hacking.
But both Ms Pritzker and US Trade Representative Michael Froman said the talks clarified China's intent to do more to help firms facing the theft of trade secrets.
"We got significant outcomes on trade secrets which is a really big issue," said Ms Pritzker.
"This is where China clarified its intent to make preliminary injunctions and meaningful remedies more accessible to those confronting trade secret theft - it's a big deal," she said.
It has been growing problem for American firm, with victims including General Motors, Ford, DuPont, Dow Chemical, Motorola, Boeing and Cargill.
Mr Froman told Reuters that he expected some US genetically modified crop strains, including GMO soybeans, could be approved by China by year end.
"The approval process has been stuck for a long time, we're encouraging China to move them out," Mr Froman said.
While Beijing has pledged to loosen its manufacturing and service sectors, regulators issued a negative list of prohibited and restricted industries for foreign investors in March.
American business lobbies says the list is too long and must be cut back.
The Chinese delegation at the talks was led by Vice Premier Wang Yang, who spoke of the need "to turn the political will and joint expectation into concrete outcomes of co-operation".
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