IP opening doors for service trade as a golden key

An open China is opening its arms to the world and jointly promoting global service trade. The 2021 China International Fair for Trade in Service (CIFTIS) came to an end on September 7. With the rapid development of the digital economy in the world, Chinese innovations and IP achievements displayed at the fair make people appreciate the fast advancement in this field, and also allow themselves to be filled with expectations for the broad prospects of service trade during the 14th Five-Year Plan.

Facilitating new development pattern for service trade

Service trade plays an important role in accelerating the construction of a new development pattern. In the first half of this year, the added value of China's service industry reached 29.6 trillion yuan, and its GDP share increased from 54.5% in the same period of last year to 55.7%, providing strong industrial support for the high-quality development of the trade. At the fair, some digital and intelligent new technologies, new models and new product are shining in front of audiences. In parallel, IP services such as pledge financing and insurance appeared at the event to provide more support for enterprise to carry out innovation. Thanks to these innovations and IPRs, the global service trade is developing with wisdom and power.

Protecting IPR is protecting innovation. As an important part of service trade, IP services are indispensable for economic development. The Achievement Exhibition for China's Service Trade Development held at the fair showcases the substantial progress China has made in this field in recent years. According to the statistics, China ranked first in PCT application during the 13th Five-Year Plan period in 2019. The export of charges for the use of IP maintained double-digit growth for five consecutive years. China's innovation index increased to 14th, and the ranking of business environment increased to 31th in the world.

It is worth mentioning that an innovative IP pledge financing model has become a typical case of the exhibition. It emphasizes the construction of a sound IP financial system, and the pilot area integrates banks, companies, government departments, guarantee companies to explore new operation mode of IP pledge financing, so as to resolve the small and medium-sized companies' access and cost to financing. In parallel, Jiangsu International Intellectual Property Operation and Trading Center's practice of facilitating technology trade services and building a digital service platform for technology import and export provides a convenient platform for attracting regional headquarters and functional institutions of multinational companies to settle in Suzhou. In addition, the case named five combinations to provide insurance for IP jointly submitted by the Beijing Intellectual Property Office and the Beijing Banking and Insurance Regulatory Bureau were selected as best practice for the construction of comprehensive demonstration zones for expanding and opening up the national service industry in Beijing.

Expanding knowledge-intensive cooperation

According to statistics, a total of 116 overseas countries and regions participated in the event online or offline, up 12 over the previous one. The percentage of foreign companies who attended the fair online or offline totaled 15%, up 6 percentage points over the previous one. Companies from Thailand participated in the event with films, cartoons, and video games. Azerbaijan's exhibition focused on the preferential policies provided for investors by the country's Alat Free Economic Zone and industrial parks. In the Irish exhibition area, products covered by the China-EU Geographical Indications Agreement appeared in the front of audience. The signing of the agreement has enhanced the image of Irish products and its brand.

For domestic companies, the fair is also an important stage to present themselves to the world. In addition to displaying some new technological findings, the Beijing-Tianjin-Hebei exhibition hall showcased the full picture of the open space of the three places in a three-dimensional way with a dynamic open map, presenting the free trade pilot zone, comprehensive bonded area and open function park. It heralds more possibilities for cooperation in the global high-tech field in the future.

The data shows that the proportion of knowledge-intensive services provided by China to the world continues to increase. Since the beginning of this year, knowledge-intensive services have accounted for more than half of the total service exports. Personal cultural and entertainment services, telecommunications, computer and information services, and IP use fees witnessed a rapid growth area in export with growth rate of 20% or beyond.

China is committed to upholding international IP rules. At present, China is actively advancing its accession to the Hague Agreement Concerning the International Registration of Industrial Designs. "Industrial design protection is applicable to a variety of innovative forms and plays an important supporting role in the process of Chinese enterprises' venturing out. The Hague Agreement provides applicants with a simple, fast and economical application procedure, and joining the Agreement will help China's creativity, design, and technology to go abroad and into the world," said Lv Guoliang, consultant of the World Intellectual Property Organization (WIPO) China Office.

The 2021 CIFTIS has come to an end, but the process of China's continuous expansion of high-level opening-up will never stop. IP will certainly continue to open doors for service trade as a golden key.