China to Increase and Improve Intellectual Property Rights (IPR) Protection
China, currently the world’s second largest economy, is taking giant leaps towards becoming an information-based industry. Based on knowledge and technology instead of heavy industry, it needs to take action on counterfeiting and piracy first in order to achieve this.
Intellectual Property (IP) protection services and government initiatives are necessary to effectively protect rights-holders and encourage innovation in Chinese companies, and are therefore a top priority for the Chinese government. Indeed, the Chinese government is currently moving to shape up its IPR protection laws to better support holders of intangible assets such as trade secrets, software, copyrights and patents, which will all be crucial in the knowledge economy of the near future. Trademark and patent review times are currently long, but the country’s National Intellectual Property Administration (NIPA) aims to reduce these significantly.
However in order to fully protect patents, copyrights and other IP, companies should also consider employing private IP protection services, because keeping intangible assets safe can be crucial to a company’s success. In fact, the move towards a more knowledge-based
economy has resulted in more and more resources being spent on protecting invisible assets from attempts of IP theft and counterfeiting, and China will look to maintain its position as one of the leaders of the global economy.