While the media frequently obsesses over the redistribution of wealth, they have ignored the Chinese government’s theft of U.S. technology, which has created “the biggest illegal wealth transfer” in world history. That is one of a number of startling facts that came to light during a rare, public hearing of the Senate Intelligence Committee last Wednesday.
“China is stealing between $300 and $600 billion a year of American technology and intellectual property,” said Senator Marco Rubio (R-FL), the committee’s vice chairman, who added:
“They use venture capital funds to buy promising technology startups; they hide their ownership, by the way. They partner with universities on research and then they steal that research — often research whose seed funding came from the U.S. taxpayer. They force American companies doing business in China to give the technology over to them.”
“They have weaponized our openness, they have weaponized our decency and they have weaponized a corporate lust for profits against us,” said Senator Rubio. “China is already carrying out the biggest illegal wealth transfer from one nation to another in the history of mankind.”
China’s illegal espionage of U.S. technology costs “approximately $4,000 to $6,000 per American family of four … after taxes,” according to Bill Evanina, the former director of the National Counterintelligence and Security Center, who testified at the hearing. Much of the stolen information has military applications, and — since money is fungible — China can use any financial benefit to fund the ever-expanding People’s Liberation Army. “Economic security is national security,” Evanina said.