This is rather balanced piece of advocacy on the threat from PRC cyber activity, from April 2012 by Jason Healey, Director of the Cyber Statecraft Initiative at the Atlantic Council of the United States (so a 'Beltway Pundit').

In brief a major challenge to the economic sustainability and health of governments and businesses alike.

The threat of Chinese espionage is so critical that the commander of our military cyber defenses has called it the “the biggest transfer of wealth through theft and piracy in the history of mankind.” But the threat is not bad enough to go on the record about the threat, to take risks to share needed information, or even to be willing to tell the Chinese to back off.

These are the government’s Three Silences. Added together I fear they are driving us to defeat.

First: Silence about the threat we face....Second: Silence about practical information which could help the private sector....This leads us to the last silence: Silence to the Chinese about our increasing fury.... By refusing to speak, either to our own people or to the Chinese, we are fighting on an asymmetric battlefield of our adversary’s own choosing. Going public, through naming and shaming those involved, is a winning strategy.
Link:http://www.acus.org/new_atlanticist/...cyber-silences