It shouldn't be an issue that China can make stuff cheap. And it's done legally all the time, usually without any problems. If China wants to be the manufacturing capital of the world that's fine. But stealing ideas is effectively, breaking into a company, stealing the company's assets and selling them cheap. In most countries it is illegal but China does not care. The problem effects R&D and manufacturing. It's worse now we don't have a manufacturing industry to speak of. Why would I bother designing a product and ivest in tooling when I know it will be stolen? It's a massive problem for small innovators and damages world progress.
For shops it's a problem trying to maintain a quality control for what they sell. For big industry it's an expense fighting for compensation. For small industry it's catastrophic. A retail analogy would be someone coming into your shop, setting up a counter, selling the same stuff you sell under your company name but cheaper, and you're still paying the business rates, heating, advertising etc while they take your profit. How long would you survive?
I have no issues having stuff made in China if we can't make it here, but ultimately there is no upside to this theft. Everyone will lose in the end. Even China.