CHINA TO BECOME THE LEADER IN IP INDUSTRY
WIPO has released figures for the first half of 2018 and China have proven to have a strong record in IP applications. China received 751,000 applications for invention patents, 3.586 million trademark applications, and ten new applications for geographic indication. It is the first time that such three categories statistics are given which indicate that China is giving great value to IPR.
China is becoming the leader in the industry and the most favorable venue as applications now tend to have low costs and high speed in the judicial process. According to a study conducted by PwC, Beijing IP courts on average have managed to decide and conclude cases within 125 days. In contrast to 18 months in European courts and over 2.4 years for patent litigation alone in the United States.
China has been developing Intellectual property protection on a fast pace over the last three decades. China’s development is unique as it was completely alien to IPR before 1985 and in the mean-time, it is taking over nations that have established their systems in the late 1800s. China’s international presence, its economic activity, marketing and sales it provides have led to the need for creating a strong IP protection system in order to be able to compete on high levels.
Additionally, IP protection is essential for innovation as enterprises and business developers should be assured that their product is protected before going public into markets thus, ensuring the domestic needs for IP are also assured; otherwise the lack of good protection will lead to severe losses. Therefore, China has been working on implementing a strong protection system to become an innovative country rather than providing low labor costs to other countries and it has certainly been successful at that. [Source: IPRDAILY.COM]