The theft of intellectual property from the US is "unprecedented" and costing the nation an estimated $300bn (£200bn) each year, a report says.

The study, led by former top-ranking officials, said China was thought to be behind 50-80% of the theft. Stronger deterrent measures that made IP theft unprofitable were needed, the report said. These included banking sanctions and import or investment curbs on companies failing to protect IP rights. The non-partisan private commission was co-chaired by Dennis Blair, Mr Obama's former director of national intelligence, and Jon Huntsman, former US ambassador to China and Republican presidential candidate.

Its report comes weeks before a summit of the US and Chinese presidents, set for 7 and 8 June, at which the issue of Chinese cyber espionage is likely to be raised. Earlier this month, the Pentagon for the first time directly accused the Chinese government and military of targeting US government computers as part of a cyber espionage campaign aimed at collecting intelligence on US diplomatic, economic and defence sectors.

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(BCC News)

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