|China probably does have a lot more to lose, but I'm not convinced they're currently rational in that way.|
China has a long history of seeing their country as the victim of others in the world and is thus entitled to the intellectual property owned by others as some sort of reparations for past slights. A lot of this same victim justification runs through Russian society. China arrests their own citizens to use them fatally as organ donors because "victims" can justify any sort of barbarity as a natural response to their own past real or imagined hurts.
Both Russia and China have long operated major programs of industrial espionage without any sense of shame, because they see themselves in a fight against a world that is "rigged against them".
Of course it's their political suppression of their own scientists, intellectuals and entrepreneurs that keeps them at a perpetual disadvantage, but they truly don't understand this as they believe these most intelligent of people are primarily the source of anti-state agitation and plots.
China does have a very strong economic incentive to do a deal to protect foreign intellectual property, reveal the level of state subsidies to each of their government-owned industries, and halt the shift of their economy into a war machine - but instead their propaganda is preparing their population for "another Long March" to defeat the oppressors.
This is the same fundamental misunderstanding Trump has used in his "negotiations" with North Korea.
North Korea doesn't see themselves as a merchant trying to make life better for their citizens. They see themselves as an underdog in an ongoing fifty-year-long war with the United States. Trump is effectively trying to bring an end to Nazi Germany by trying to convince Hitler to instead pour his efforts into being a partner in a new potentially profitable condominium and golf resort.
I wish Trump luck but it's such a bizarre long-shot that it's both sad and comical.