As President Donald Trump says his administration is moving closer to a trade deal with China, one of the major sticking points has been China's disregard of intellectual property protections and claims dating back years about rampant Chinese theft of corporate trade secrets. The allegations are not hyperbole.
One in five North American-based corporations on the CNBC Global CFO Council says Chinese companies have stolen their intellectual property within the last year. In all, 7 of the 23 companies surveyed say that Chinese firms have stolen from them over the past decade.
As the Trump administration works on a trade deal with China and hundreds of billions in potential tariffs loom if a deal can't be reached — Trump has delayed the tariffs scheduled for Mar. 1 based on "significant progress" he said is being made — the issue of IP theft has been a huge sticking point.
The CNBC Global CFO Council represents some of the largest public and private companies in the world, collectively managing nearly $5 trillion in market value across a wide variety of sectors. The survey was conducted between Feb. 7 and Feb. 22 among 54 members of the council located across the globe, including the subset of North America-based chief financial officers.