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The cyber threat a recent report claims intellectual property theft chiefly from China.
Cost our US economy 300 billion dollars every year Treasury Secretary Jack -- saying earlier this week the US will keep the pressure.
On Beijing for its rampant use of cyber espionage.
This ahead of the US China strategic and economic dialogue in Washington next week and joining us from Washington for a fox biz exclusively got.
A former Director of National Intelligence admiral Dennis Blair he knows co chair of the commission.
On the theft of American intellectual property.
Thanks very much for being with us admiral -- -- idea -- benefit of -- -- -- IP from us just how bad is this problem and could get much worse.
Well -- just put that 300 million dollar figure in and perspective that's about B.
Same figure as the number of exports to the US managed to all of Asia in a year -- so it's a big.
It's a big problem and although we see some.
Some signs that countries like China are beginning develop an intellectual property regime it's too slow.
It needs to be speeded up and we need to protect American companies in the meantime.
Now we just ran a chart that might be an -- and it's better to fix things on the -- we said 300 million but think that in this and marry ought to be a B is ten billion is that right 300.
Marley and every year.
I would be ecstatic if -- were only 300 million euros 300 billion.
Now what you get the big figure like that you guys get to make an add up I'm plucking out -- saying that this is of these sales US companies would have been able to make of these things that got stolen exactly what's that they represent.
That's a component.
Component of it -- a loss loss sales other.
Other components are -- -- our business value loss it's very difficult to come up with an exact figure.
Dennis we look -- all of the authoritative.
Estimates found so there's a pretty wide.
Band around that 3300 billion but general Keith Alexander.
Director of national security -- been in the news for a number of other things recently.
Called it the biggest.
It's theft of intellectual property in human history and and and we we agree with him however.
Be exact figure is it's big we need to do something about it.
Now here's the thing what can we do about it admiral because given the fact that the Chinese.
Own something like what is that -- -- one and a half trillion dollars of US treasuries and they buyer driven by US stocks -- by US property.
We can afford to go slap these guys on the wrist and say you guys behave.
Well what we've done to -- Dennis has just been an -- -- question it's been primarily jawboning just talking to.
The Chinese and we we say the Chinese aid.
Account for our estimate is about 70% of the problems plus plus or minus so it's not all China but it is mostly.
China but what our report recommends and your readers here -- viewers can see it at www.
IP commission dot org.
Recommends that we use the power of the US market against those companies Chinese and others who violate the rules so.
We stopped their.
Ability to export to the United States we stop their ability to use the financial system in the United States.
We examine their investments in the United States to see if they are acting -- -- from.
The right rules for intellectual property and we just haven't brought these -- to -- yet and that we showed.
Stop all exports from China to the United States you gotta wonder -- our economy would collapse the 25 dollar dvd player and -- disappear.
All right thanks so much for being with us today.
Have a good day admiral Blair all right.
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