The United States has formally launched an investigation into China's policies regarding intellectual property. <br/><br/>The top US trade official, Robert Lighthizer, said his office had determined that these critical issues merit a thorough investigation. The move was expected after President Donald Trump asked to review China's practices. China has voiced serious concern over the inquiry, which could result in US trade sanctions. <br/><br/>Yesterday US said it planned to look into hacking and reports that the Chinese government is steering investment into US companies in key industries as a way to gain access to new technology. <br/><br/>Officials will gather comments and hold a hearing in October as part of the so-called Section 301 investigation. The annual cost to the US economy from counterfeit goods, pirated software and theft of trade secrets has been estimated at up to 600 billion US dollars.