Trade isn't a zero sum game, both sides get richer. Being able to trade with China means you're able to tap into their labor pool.
Every attempt at import substitution historically has led to stagnant growth.
Every attempt at import substitution historically has led to stagnant growth.
According to Marc Goodman, in his book "Future Crimes" he details how China is responsible for the largest transfer of wealth in Human History all through theft of I&P.
I know my companies own experience led to the closing of a factory after it was discovered that the Chinese Military had infiltrated the Factory floor and was actively trying to harvest IP and Financial Information.
I just finished speaking to someone who is in the plastic injection molding industry and they are carefully managing the technology they send to China and don't allow dies to be manufactured there because of the extent of IP Theft.
This is about survival and trade will be used to fight the war.
What do you mean practically with intellectual property? Trademark is out, copyright as well, maybe trade secrets or patents? In case of a trade secret, don't share it with someone whom is able to compete with you. Regarding patents, IMO they've overused plus something artificially created. If China doesn't abide by patents, then maybe the short term financial benefit should've been investigated a little bit more.
Japan improved greatly (many years ago) using somewhat the same method (copy + improve) and seems they're respected for that.