Photo: ispyfriend; Getty Images
Beijing has embarked on strengthening intellectual property rights (IPR) protection as a way to optimize its business environment.
In 2019, close to 900 foreign-funded high-tech enterprises were established in Beijing, absorbing $nine billion in foreign investment, 24.3 percent more than in the previous year. In terms of sectors, more than a quarter of foreign investment went into scientific research and tech service.
Around 600 foreign R&D institutions are located in Beijing. Multinationals like Apple, Tesla, Merck, Mercedes-Benz have all set their research and development centers in Beijing.
Behind the continuous entry of foreign capital into China’s real economy and capital market is the resilience of China’s economy.
Last month, the municipality published new plans to step up IPR protection and vowed to build a more complete IPR protection system by 2022. The city aims to tackle existing complaints from rights holders, such as difficulty in providing proof of rights infringements, long cycle in case handling, as well as high cost and low compensation.
Specifically, the plan says that Beijing is working towards strengthening the judicial guarantee of commercial trial, improving arbitration and mediation channels, and guiding the establishment of a technical support alliance for the inspection of IP infringement.
Late last year, the city has formulated trial measures in arranging financial funds to support IP creation, including patents and trademarks. It is now exploring new products of IPR pledge financing insurance and providing IPR pledge loans.
The WIPO data showed that China leapfrogged the US to become the world’s largest source of international patent applications in 2019. The country is encouraging its companies to invest more in R&D at the same time it is further opening up the field to international participation.
Source: YUHONG IP LAW FIRM
Email: moc.pignohuynull@lesnuoc
