China Continues To Lead World In Counterfeit And Pirated Products: USTR Report
Following
The United States Office of the United States Trade Representative (USTR) released its annual assessment of the notorious counterfeiting and piracy markets on Tuesday, finding that China is the largest producer of contraband violating intellectual property laws.
According to the USSR report, “China remains the number one source of counterfeit products in the world. In 2021, counterfeit and stolen products will be intercepted by US Customs and Border Protection. Hong Kong."
Counterfeit and pirated products can pose serious health and safety risks to consumers around the world. Counterfeit products can cost legitimate intellectual property (IP) rights owners large sums of money and result in job losses in the companies concerned.
Ugurian solar panel to control forced labor to be shipped to China
© US Customs and Border Protection US Customs and Border Protection has announced the seizure of 460 counterfeit Rolex watches shipped to the United States from Hong KongAccording to a 2019 USTR analysis by the US Chamber of Commerce's Global Innovation Policy Center, digital video piracy alone causes at least $29.2 billion in lost revenue in the US economy annually
In addition, it is estimated that streaming movies and TV shows illegally costs more than $45 billion in gross domestic product (GDP) and up to 230,000 jobs as intellectual property owners have to cut their budgets. return on investment
Read in the FOX BUSINESS app
Senate probes major automakers over alleged Uyghur Uyghur work in China
© By Fox Business SHENZHEN, CHINA - MARCH 14, 2022: A cleaner checks a phone in front of closed shops in Huaqingbei area, the world's largest electronics market, Monday March 14, 2022 in Shenzhen, south China's Guangdong Province. The city is an economic powerhouse bordering Hong Kong. (China Feature/Future Release via Getty Images)Regarding counterfeiting and piracy in China, the USSR report shows that in addition to selling directly to customers or testing products, counterfeiters use physical storefronts in the market for online distribution centers.
It has identified several specialty markets in China, including a cluster of 20 shopping malls in Guangdong province where "China Trade Center" intellectual property holders sell computer chips and other "counterfeit electronics" to counterfeiters in China and abroad. Vendors in these malls also sell fake smartphones, tablets, headphones, and other similar items.
According to reports, China's ban on Taiwan could cost the global economy more than $2 billion.
A drop in foot traffic at China's malls and markets due to pandemic-related restrictions has prompted many counterfeiters to turn to online sales, the USTR said.
The agency warned that if China eases these restrictions and restores foot traffic, the volume of counterfeit goods could rise without further investigation. While some local authorities have cracked down on counterfeit shops, many illegal goods are relocating to outdoor warehouses, focusing on online sales, or changing opening hours when raids aren't taking place. .
In addition to China, the USTR report Known Markets for Counterfeit and Pirated Goods found that several locations in Argentina, India, Mexico, Russia and Vietnam were marked by intellectual property rights holders for the sale and distribution of goods.
Edward Lawrence of Fox Business contributed to this report.
