China aims to triple the number of patents it files by 2020 as the nation seeks to become a bigger player in high-technology industries, Reuters reported, citing an official statement issued Sunday.
Asia’s largest economy is targeting 14 invention patents per 10,000 habitants by 2020 compared to four in 2013, the report said.
“Intellectual property (IP) is increasingly becoming a vital component of China’s strategic resources and competitive ability,” the central government was quoted as saying in the statement posted on its website.
By 2020 China will have a better legal environment for IP protection and management, it added.
Beijing is also looking to reduce the length of the review process for patent and trademark applications.
Patent reviews will decline to 20.2 months in 2020 from 22.3 months in 2013, while trademark reviews will fall to 9 months from 10 months, according to the report.
– Contact us at [email protected]