China's Economic Influence Endangers US Small Business
By Javier Palomarez | Friday, 20 September 2024 10:04 AM EDT
China’s growing influence in our global economy might seem like just another phase of globalization. However, beneath the surface, the Chinese Communist Party (CCP) is using economic leverage to manipulate economies and businesses. And it’s having a devastating effect on American small businesses.
In my role advocating for our business community, I hear from small business owners who are feeling the effects of these tactics. Many are struggling to compete on an uneven playing field created by China’s state-run economy and businesses. For example, Chinese companies enjoy massive government subsidies, allowing them to undercut prices and flood the U.S. market with cheaper goods. Our small businesses can’t compete with these artificially low prices.
China’s notorious disregard for intellectual property rights is another issue. U.S. companies rely on their innovative products to stay competitive, meanwhile, CCP-funded businesses continue to steal intellectual property, costing American businesses hundreds of billions of dollars annually.
In fact, according to CNBC, 1 in 5 U.S. companies has reported having intellectual property stolen by Chinese entities in just the past year alone. Small business owners, who have invested their livelihoods in creating something new, are suddenly finding their ideas copied and sold at a fraction of the price. In addition to outright theft, American companies are suffering from a regulatory environment that stifles innovation.
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READ MORE: https://www.newsmax.com/finance/streettalk/china-u-s-small/2024/09/20/id/1181075/
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