China Achieves High-quality IP Development

China has made a series of achievements over the past year to create a friendly environment for business, innovation and high-quality intellectual property development, said Shen Changyu, director of the National Intellectual Property Administration (NIPA). 

Shen made the remarks at a meeting of the heads of intellectual property rights (IPR) administrations on Monday in Beijing. 

In 2019, China had 13.3 invention patents per 10,000 people. The total number of effective registered trademarks exceeded 25 million, with every 4.9 market entities owning one registered trademark on average. 

The country's patent examination has become more efficient. The period for high-value patents examination has been reduced to 17.3 months and the average time for trademark registration is 4.5 months, according to NIPA. 

China's innovation strength has been at the forefront of the world. According to the Global Innovation Index 2019 by the World Intellectual Property Organization, China moved up to 14th place, among the top of world's mid-income economies. 

In a 2020 report by the World Bank, the country's global ranking of business environment surged to 31st place. 

Xiao Yaqing, head of the State Administration for Market Regulation, attended the meeting and said market supervision will be further strengthened. 

"IP creation is the key to promoting innovative economy and high-quality development. Stepping up IP protection will improve China's core international competitiveness," said Xiao. 

Source: xinhuanet.com