China aims to triple number of patents filed by 2020

Source:Reuters-Global Times Published: 2015-1-4 22:33:01

China is aiming to triple the number of patents it files by 2020 as the government looks to boost the country's high-tech economy in areas from agriculture to pharmaceuticals, according to a document from the central government on Sunday.

China is targeting 14 invention patents per 10,000 habitants by 2020 compared to four in 2013. It published 629,612 patents in 2013, over 200,000 more than the US, according to a Thomson Reuters study in December.

China wants to become a bigger player in high-tech industries as the country grapples with slower growth and rising costs for its manufacturing base. This is likely to raise competition to global players operating in China and abroad who have dominated in more innovative sectors.

"Intellectual property [IP] is increasingly becoming a vital component of China's strategic resources and competitive ability," said the document posted on the central government's website.

The government said that by 2020 China would have boosted its legal environment for IP protection and management.

The IP services sector is expected to grow around 2o percent annually by 2020, according to the document.

The government is also looking to reduce the length of the review process for patent and trademark applications. Patent reviews will decline to 20.2 months in 2020 from 22.3 months in 2013, while trademark reviews will fall to 9 months from 10 months.

Posted in: Economy

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