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U.S. International Trade Commission (USITC), “China: Effects of Intellectual Property Infringement and Indigenous Innovation Policies on the U.S. Economy” (2011)

In 2009, the theft of U.S. IP from China alone was equivalent in value to $48.2 billion in lost sales, royalties, and license fees. This estimate falls within a broad $14.2-billion to $90.5-billion range; the breadth of this range is explained by the fact that many firms were unable to calculate such losses. Of the $48.2 billion in total reported losses, approximately $36.6 billion (75.9%) was attributable to lost sales, while the remaining $11.6 billion was attributable to a combination of lost royalty and license payments as well as other unspecified losses.