China's latest progress in IPR protection

China's top leadership has reiterated the importance of intellectual property rights (IPR) protection in spurring innovation and supporting the country's high-quality development.

The following facts and figures offer a glimpse of the latest progress the country has made in IPR protection:

— The number of invention patent applications in China amounted to 1.23 million from January to October, up 11.2 percent year-on-year.

— China saw 55,000 applications filed via the World Intellectual Property Organization's Patent Cooperation Treaty System accepted during the 10-month period.

— By the end of October, the country had approved geographical indications on 2,385 products and seen the registration of 5,935 geographical indication trademarks.

— The total amount of financing raised by pledging patents and trademarks nationwide reached 166.4 billion yuan (about $25.37 billion) during the first 10 months this year, up 35 percent year-on-year, and is expected to exceed 200 billion yuan for the whole year.

— China recently approved the establishment of two new centers to reduce the processing time and cost of IPR protection, bringing the number of IPR protection centers to 40 across the country.

— China promised to protect IPR in an all-around manner in the Regional Comprehensive Economic Partnership, the first such commitment in a free-trade pact.

— The number of institutions and professionals involved in IPR protection saw a significant increase. In 2019, the number of patent and trademark agencies rose to 51,000 and practicing patent agents exceeded 20,000.

— China is formulating the five-year plan for IPR protection and mulling guidelines on strengthening IPR protection through the year 2035.