Number of Patents to Triple as the Government to Boost High Tech Economy
China plans to triple the number of patents they file by 2020 as the government is looking to boost the high tech economy in several areas ranging from agriculture to pharmaceuticals. The country targets 14 invention patents per 10,000 habitants by 2020 compared to 4 in 2013. For 2013 the county was published 629,612 patents which is 200,000 more than the patents published by the United States.
The government plans to be a bigger player in high technology industries as the country is grappling a slower growth with rising costs for their manufacturing base. This plan is more likely to challenge global players operating in China and abroad that have already dominated the innovative sectors. Intellectual property rights are fast becoming a vital component in the strategic resources of the country and are competitive ability.
They say by 2020, China will have boosted its legal environment for intellectual property protection and management an areas that is often contented for foreign firms who say the intellectual property law in Chins is favoring local enterprises. The government is also looking into reducing the length of the review process for trademark and patent applications.