China issues new plan to become an ‘IP powerhouse’
The Chinese State Council has issued their IP Five Year Plan for 2016-2020. The objectives that China hopes to achieve include:
- doubling their PCT applications to 60,000 by 2020;
- doubling China’s invention patent ownership to 12 per 10,000 people (ie, approximately 1.6 million patents) by 2020; and
- increasing the export volume of intellectual property royalties to $10b over the 2016-2020 period.
The Chinese State Intellectual Property Office (SIPO) hopes that this plan will help China become an ‘IP powerhouse’.