China Leads Other Countries in Number of Patent Applications
For the year 2014, China recorded around 928,000 invention patent applications which is more than any other country. This number of applications has been going on for the fourth consecutive year. The State Intellectual Property Office found out that 663,000 inventions have high quality and market value and around 4.9 patents per 10,000 were filed. The office also stated that these enterprises are pillars for research and development of new technologies and products
485,000 invention patent applications were filed by enterprises, more than the number of patents filed by individuals, academics and research institutes in 2014. This only showed that the country have already established a new technological innovation system that is bolstered by enterprises. Huawei Technologies alone was granted 2,409 invention patents in 2014. Also Chinese inventors should raise the quality of their inventions in order to catch up with the best in the world.
New inventions allow a business to work at a much lower cost and with greater efficiency and care for the environment. And for customers a new invention means a better life with more choices. China’s priorities have always been to boost innovation by improving its protection in intellectual property rights, which pushed many intellectual property rights firms to do business in China. The country is also planning to create a standardized IPR service system by 2020.