China to ramp up patent industrialization

China will promote the industrialization of patents to facilitate the country's high-level self-reliance on science and technologies, according to a press briefing in Beijing on Thursday.

Shen Changyu, head of the National Intellectual Property Administration, said at the briefing that by 2025, the country's volume of contracted technology transactions that involve patents is expected to reach 800 billion yuan (about 111.45 billion U.S. dollars) when citing a recent action plan on patent enforcement.

The plan, released by the State Council, noted that major tasks include cultivating a market of intellectual property factors and establishing a unified and standardized intellectual property trading system.

As for patent cooperation, China has also established intellectual property cooperation with more than 80 countries, regions, and international organizations, Shen said.

Data showed that from 2012 to September 2023, the cumulative number of foreign invention patents granted in China topped 1.05 million, fully reflecting the recognition of foreign enterprises to China's intellectual property protection.