The Obama administration is failing to adequately defend American companies against Chinese commercial espionage, according to two former intelligence officials.

"We need to find a way to raise the consequences for Chinese economic espionage. Signing an agreement where we both agree that we won't do it tells me that they are in exactly the wrong place to push back on Chinese economic espionage," Mike Rogers, former House Intelligence Committee chairman, told the Washington Examiner.

A Sept. 25 agreement between President Obama and Chinese President Xi Jinping stated that both countries would refrain from engaging in such espionage, but officials have largely dismissed the agreement as futile.

In testimony before the Senate Armed Services Committee on Tuesday, retired Gen. Keith Alexander said the U.S. is unnecessarily allowing the espionage to take place. "China is stealing everything they can to grow their economy," Alexander said. "It's intellectual property, it's our future. I think it's the greatest transfer of wealth in history. And interestingly, we could stop that. I believe that."

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