Hayman Capital Management founder Kyle Bass thinks any trade deal with China must include enforcement mechanisms against intellectual property theft for the U.S. to truly benefit from it.
div > div.group > p:first-child"> "Over the last decade, they've stolen $2-to-$3 trillion in IP from us. The U.S.' No. 1 asset, in my view, is our ingenuity, our intellectual property, our ability to innovate," Bass told CNBC's Brian Sullivan in a pre-taped interview that aired on"Worldwide Exchange.""That's our game and they're stealing our game from us. It's really important for this new agreement to be measurable and punishable.
"We have a golden opportunity today for a global reset in our relationship with China," Bass said."Our real issue is forced technology transfers, it's intellectual property theft, it's subversive industrial policies that circumvent WTO rules. It's basically the way the Chinese lie, cheat and steal their way through our economy."
But Bass is skeptical about the sharp run-up in Chinese equities."Can the Chinese run up their stock market? Absolutely. Domestically, they control the price, they control the printing press, they control the police, they control the narrative," he said."The Chinese print more money than any other country has ever printed, in gross terms, in world history. Since 2001, they've printed roughly $30 billion worth of RMB.
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