It is reported that China will amend and improve laws to support development of intellectual property rights.
Intellectual property rights (IPR) are valuable assets for your business.
For many businesses, intellectual property protects more than just an idea or a concept. It protects genuine business assts that may be integral to the core services of the business and overall long-term viability.
Companies of all sizes are at risk of having their unique ideas, products or services infringed upon, even if they are on the other side of the world, making IP protection more important than ever.
If you are a small business, for example, it's very important to protect any unique products or services that you own as competitors can use your success to take away market share.
Losing market share early on in a business's development can be devastating and time consuming if trying to chase up the guilty party without any protection.
So, how to have your IPR better protected? Here come good news!
China will improve laws to promote high-quality development of IPR, according to a senior intellectual property official.
The authorities have held a press conference to introduce a recently released plan on country's IPR development for the next 15 years.
China will timely amend laws on patents, trademarks and copyright as well as regulations on protecting new varieties of plants, said Shen Changyu, head of the National Intellectual Property Administration.
China will speed up the legislation for special fields such as commercial secrets protection, geographical indications and integrated circuits layout designs and for new industry formats, including big data, AI and genetic technology, Shen added.
In addition, China will accelerate the building of a national technology transfer system and enhance the service capacity for the transformation of IPR and scientific and technological achievements.
The added value of patent-intensive and copyright industries is expected to account for 13% and 7.5% of the Gross Domestic Product (GDP) by 2025, respectively, according to the relevant plan.
HACOS has always been committed to providing customers one-stop business solutions including reliable financial and tax planning, IPR protections, import and export services, etc.
If you have any questions about IPR or doing business in China, please feel free to contact HACOS!
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SOURCE | China Gov / Xinhua
