• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
MPWMost Powerful Women

U.S. Secretary of Commerce to China: You can’t keep stealing our intellectual property

By
Christina Austin
Christina Austin
Down Arrow Button Icon
By
Christina Austin
Christina Austin
Down Arrow Button Icon
October 13, 2015, 3:12 PM ET
Add Fortune on Google for similar content.

Penny Pritzker is not afraid to be the bearer of bad news.

When meeting with Chinese president Xi Jinping earlier this month, it was the Commerce Secretary’s job to bring up U.S. business complaints, including recent hacking incidents and Chinese demands that American tech companies turn over data and intellectual property.

“It was an important conversation that needed to be had,” said Pritzker, speaking Tuesday at Fortune’s Most Powerful Women Summit in Washington, D.C.

When it comes to hacking and cybersecurity, the message was simple, said Pritzker. “You can’t keep stealing things.” (She admits that she may have put it more delicately to President Xi). Moving to protect intellectual property is in China’s interest, she says. As more home-grown tech companies come out of the country, Chinese companies will increasingly demand it.

It’s clear that exports and the other forces that helped China grow into a power player won’t be enough to fuel its continued growth. The takeaway for Xi? “You’re at a pivot point as a leading player in the global economy,” said Pritzker.

As for the response, Pritzker says Xi and his delegation were always very cordial. And at one point, she says that one of the Chinese President’s advisors took her aside to say, of intellectual property protection: “Look we get it and we have to address this.”

The ultimate test, said Pritzker is what the Chinese government actually does to address these concerns. She says he told Xi: “It’s about your actions and we’re going to be paying attention to your actions.”

The Secretary also addressed a couple of other hot topics: President Obama’s moves to begin normalizing U.S. relations with Cuba and regional trade accord, the Trans-Pacific Partnership (TTP).

Having just returned from Cuba, Pritzker said she was proud to become the second cabinet member to visit the nation—though she counseled anyone seeking business opportunities there to remember that an embargo is still in place. For those looking for advice about how to navigate the ins and outs of operating in Cuba, she suggested contacting the Commerce Department.

Pritzker also spoke out in praise of the TTP, saying that the agreement will boost American economic leadership globally. The plan not only helps market access by lifting tariffs on U.S. goods abroad, but also sets in place the strongest labor standards of any trade treaty. These standards will make our workers more competitive, according to Pritzker.

Finally, the heiress to the Hyatt Hotels Corporation said she plans to returning to the private sector when her time in office comes to an end. As she once told moderator Nina Easton, “I love starting businesses.”

About the Author
By Christina Austin
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in MPW

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in MPW

Inside Flavor Flav’s unlikely effort to help female Olympians build their brands and careers
NewslettersMPW Daily
Inside Flavor Flav’s unlikely effort to help female Olympians build their brands and careers
By Ellie AustinJuly 22, 2026
22 hours ago
Anthea Hartig, Director of the National Museum of American History, looks to her left at a House Committee.
PoliticsWhite House
Smithsonian director denies ‘woke’ label from Trump while defending exhibit on teen’s gender-identity diary
By Steven Sloan and The Associated PressJuly 21, 2026
2 days ago
Cleveland’s WNBA team doesn’t play until 2028 but Progressive just scored jersey sponsorship
SuccessSports
Cleveland’s WNBA team doesn’t play until 2028 but Progressive just scored jersey sponsorship
By Joe Reedy and The Associated PressJuly 21, 2026
2 days ago
jd
PoliticsWhite House
JD Vance becomes first sitting vice president to welcome a child in office in over 150 years
By Darlene Superville and The Associated PressJuly 20, 2026
3 days ago
Backed by Daymond John and Post Malone, this Afghan-born founder built a $150M brand. Her real mission: the women back home
Successfemale founders
Backed by Daymond John and Post Malone, this Afghan-born founder built a $150M brand. Her real mission: the women back home
By Sydney LakeJuly 20, 2026
3 days ago
t
PoliticsWhite House
Analysis: Trump approves 80% of GOP disaster aid — and 60% for Democrats
By David A. Lieb, M.K. Wildeman and The Associated PressJuly 16, 2026
7 days ago

Most Popular

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
Real Estate
The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
By Nick LichtenbergJuly 22, 2026
1 day ago
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
3 days ago
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
Economy
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
By Sasha RogelbergJuly 22, 2026
22 hours ago
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
AI
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
By Eva RoytburgJuly 21, 2026
2 days ago
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
Success
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
By Emma BurleighJuly 21, 2026
2 days ago
'The man who dies rich dies disgraced': The last time America had such wealth inequality, Andrew Carnegie knew he had to give it all away
Success
'The man who dies rich dies disgraced': The last time America had such wealth inequality, Andrew Carnegie knew he had to give it all away
By Nick LichtenbergJuly 22, 2026
24 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.