It's wrong in every way. Since you obviously can't understand the concept of why that is, I'll explain in as simple a terms as can be mustered. The idea of intellectual property has been the foundation that provides us with the impetus to develop new technologies and advancements. If a business can't reap the rewards of its research, there is less of an incentive to develop anything new. The system has been the reason why we've seen an explosion of discoveries and innovations over the last two hundred years.
Before you go off and espouse some sort of moral high ground with a love for Chinese culture, consider the fact that nearly all the significant innovations of the modern world have been developed in the west, under cultures that value the idea of intellectual property.
China's great contribution to modern man has been cheap labor and a new twist on totalitarianism. Here's hoping they can learn to appreciate the value of intellectual property, and actually contribute to the spirit of innovation instead of being limited to the reproduction of the ideas of another.
The truth is rather that we've seen innovation DESPITE "intellectual property" laws.
How can someone OWN an idea? If you've applied today's IP laws backwards, someone would now own a patent for the wheel and a monk would own the cyrillic alphabet - and could charge the Russian population for license fees because of their daily copyright infringement.
The entire IP system is ridiculous. And just in case that you don't know where it comes from: It was invented for people who owned book printing businesses. Repeat: To protect the interest of people who owned the PRINTING business, NOT the author of the book!
IP laws are not designed to foster innovation, they are designed to restrict others from using someone else's IP.
The system gets totally absurd when it comes to software patents, and it's a good thing that this is mostly an American problem and has not yet spread to Europe. In fact, as you could read a couple of days ago on the web, several European software developers have removed their products from Apple's US App Store because of the legal issues they might face because of your patent system that easily allows for trivial patents. Those developers think that even though they would eventually win in case of a lawsuit, the costs are prohibitive and it would not make any economic sense to still do business in the US.
Some much for the "value" of the idea of IP. Copyrights might be a necessary evil, but current laws have gone far beyond what is necessary and healthy and are just hurting progress and business.