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| Thursday, October 16, 2008 00:27:52 |
China at risk of moving backward from an open market, said US official
US Under Secretary of Commerce Frank Lavin said that China is at risk of moving backward from an open market, as China is contented with foreign direct investment and domestic technological standards, Forbes reported.
He stated that US companies not only have to face the challenges of intellectual property rights and other single-issue concerns but also the potential for retrogression in China.
China is trying to develop its own standards in fields such as third-generation (3G) mobile phones, digital television and wireless communications to cut the royalties it pays to foreign rights-holders and to prove its growing technological strength, Forbes wrote. That approach has alienated US and other foreign technology companies, which fear they may be shut out of the China market because of future non-compatibility with the Beijing-supported standards.
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