For all the concern over China's targeting of foreign intellectual property, how much forced transfer of leading-edge technology has really happened?

By the looks of the Chinese auto industry, hardly any. If there has been, then Beijing has precious little to show for it in a market of 25 million cars a year.

Take the case of Brilliance China Automotive Holdings Ltd. The Hong Kong-listed company has lost 53 percent of its value since news broke earlier this year that BMW AG was taking a majority stake in their joint venture. The German luxury carmaker was the first foreign auto partner to jump in after Beijing removed ownership caps.