World Economy

China to Triple Patents by 2020

China to Triple Patents by 2020China to Triple Patents by 2020

China seems to be ramping things up as it plans a vigorous foray into the world of technology and sky-rocket the country’s high-tech economy. China looks forward to triple the number of patents it files by 2020 in areas from agriculture to pharmaceuticals, says an official notice by central government.

As stated in a notice posted on the Central People’s Government website - Intellectual Property (IP) is increasingly becoming a vital component of China’s strategic resources and competitive ability, Xinhua reported.

China published around 629,612 patents in 2013 which is roughly 200,000 more than the United States, according to a Thomson Reuters study in December.

The country is also working on reducing the length of the review process for patent and trademark applications to 20.2 months in 2020 from 22.3 months in 2013.

China will also make amendments in its legal department for IP protection and management to make the competition fair, which is a process which is often objected by foreign firms as they allege it to favor local players.

China is not just ramping things up in the hardware department, it is paying equal attention to human resources management as well.

Last week, the Beijing Municipal Government tied up with California-based LinkedIn to attract top talent to its economic and tech development area.

Meanwhile, Intel is aggressively marching towards regaining the dominance it once enjoyed in the chip-manufacturing industry. As a result of the same, the company today announced plans to invest $1.6 billion in China, to upgrade an existing factory in western China.