SIPO Issues New Policy to Back Small and Micro Business Growth

The State Intellectual Property Office of China (SIPO) released new policy to support innovation and growth of small and micro businesses on October 10.

The policy is the first of its kind that focus on improving public services and helping startups increase capabilities in innovation and using IP. “IP is an engine that powers the fast growth of small and micro tech firms and earns them more profit margins. To help resolve the financing bottleneck, SIPO urged its branches across the country to partner with various financial organizations to channel more low-interest loans to small and micro businesses and reduce patent insurance premiums.” said He Hua, deputy commissioner of SIPO, at a press conference held on that day.

According to He Hua, the new policy are in four aspects of supporting their innovation development, improving their IPR services, enhancing their IPR utilization ability and optimizing their IPR environment. The policy will take fifteen steps including supporting their innovations to be granted in domestic and overseas, improving patent funding policies and so on.

About 11.7 million small and micro businesses operate in China, accounting for 77% of the total companies. Yet most of them still stay at the low end of industrial chains and are badly in need of IP aid for their healthy and sustainable growth. “The policy is not only a good way to back the growth of small and micro businesses, supporting the development of real economic and benefit the majority of the people, but also is an important way to implement IPR strategy and build an IPR power country.” said a relevant principal of Patent Management Department of SIPO.

(Source: SIPO)