Chinese prexy pledges to fight counterfeit
President Hu Jintao reiterated to President Bush that China would ratchet up intellectual property rights protection and work closely with the U.S. to beat pirates.“I made it clear that the Chinese side is willing to step up its protection of intellectual property rights, enhance its efforts in fighting crimes involving the violations of intellectual property rights and stands ready to increase its cooperation with the United States in this regard,” Hu said. The Chinese leader was speaking after bilateral talks with Bush in the Great Hall of the People in Beijing on Sunday, the fifth time the two men have met this year. Bush pledged continued U.S. co-operation to fight the fakers. “We’ll continue to work with China to open up markets and level the playing field for American goods and services and work with China to strengthen protection of intellectual property rights,” he said. Washington estimates around 70% of the counterfeit products that enter the U.S. hail from China and cost around $250 billion in lost sales annually. In July China’s culture ministry and powerful regulator the State Administration of Radio, Film and Television signed a memorandum to work with U.S. anti-piracy enforcers to crack down on the pirating of Hollywood movies. During a recent visit to Washington, Hu promised Bush to take steps to prevent the piracy of intellectual property. As well as IPR, the two discussed human rights, Taiwan and currency reform. Bush described their talks as “frank and candid.” “The United States and China share many common opportunities and challenges in the 21st century,” he said. Hu played down recent tensions between Washington and Beijing over trade. “The frictions and problems that may arise in this rapid development of two-way trade may be properly addressed through consultation,” he said.