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February 24, 2019

Sarah Hunt shines a light on the latest victim of IP theft by China, the U.S. petroleum industry

By Sarah Hunt

Recently, President Trump has been touting an eminent trade deal with China, but a deal with Chinese President Xi Jinping that President Obama signed in 2015 has gone unenforced.  Rainey Center co-founder and CEO Sarah Hunt had an "Expert Voices" contribution at Axios yesterday discussing the challenges with ending intellectual property theft from China and how Chinese cyber espionage picked back up since Trump took office.

At the end of 2018, a Chinese citizen and legal, permanent resident in the U.S., was arrested for stealing over $1 billion worth of trade secrets from his employer and U.S. petroleum company, Phillips 66. Hunt explains that this case is, unfortunately, not isolated and is “a fresh reminder that China is willing to play dirty in the fight towards global energy leadership.”

“China is going to great lengths to ‘hack themselves ahead’ and they show no signs of slowing down.” Hunt said, “While the Department of Energy has taken reasonable steps to prevent IP theft, including banning recruitment programs suspected of foreign spying, a more effective response would also require Congress and the energy industry to join forces and explore regulatory reforms."

Read the full article here.

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