China 'shows sincerity' in resolving trade war by strengthening patent protection: experts

Source:Global Times Published: 2018/12/5 23:16:22

The State Council, China's cabinet, unveiled a list of measures to boost innovation at a regular meeting held on Wednesday. The meeting also passed a draft amendment to the Patent Law to protect intellectual property rights (IPR) and effectively combat infringement.

According to a statement on the website of the State Council, a batch of 23 reform measures will be expanded and replicated to a wider scale in China, in a bid to further stimulate innovation activities.

Measures such as strengthening the transformation of scientific and technological achievements, and expanding financing channels for small and medium-sized technology enterprises will be introduced and promoted nationwide, said the statement.

In order to protect innovation, the State Council also vowed to further strengthen the protection of the legitimate rights and interests of patent owners by passing an amended draft to the Patent Law. The law aims at increasing crackdown on IPR infringement, drawing on international practices, and significantly increasing fines for behavior such as intentional infringement and counterfeit of patents.

The move, which comes as China and the US reached a truce in the trade war, shows China's sincerity and initiative in addressing and pushing forward the relationship between China and the US, Bai Ming, deputy director of the Ministry of Commerce's International Market Research Institute, told the Global Times on Wednesday.

On Tuesday, the country's top economic planner also issued a joint memorandum, one of the most detailed documents on IPR protection issued by China, on penalties for serious breaches of IPR.

But Bai noted the series of moves are also in line with China's commitment to improve its IPR environment, in a bid to protect innovation in the country, and create a fair and better business environment for all companies amid China's opening-up policy.



Posted in: ECONOMY,COMPANIES

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