The LEHMAN, Lee & Xu China Patents Newsletter keeps you up to date on recent developments in China Patents law and news.
China Patents Showcase Efforts to Increase Innovation
China’s technological investment has grown quickly in recently years. In 2015 spending on research and development reached 1.42 trillion yuan ($210 billion; 190 billion euros; 170 billion), the second in the world. China approved more than 1 million patents for inventions in 2016.
But there are still some problems to solve, compared with highly developed countries. China's innovative ability is still relatively weak. It has been importing technology and making incremental innovations on existing technologies, but has not been a leader in invention of new technologies.
At present, China invests a lot in technology development, but projects that are worthy of substantial investment get little money, while others receive ongoing investment. China should also create more incentives for technology innovation. Technology innovation has a long industrial chain comprising government, companies, research institutions and researchers.
The Chinese government now has strong motives for technology innovation, as using innovation to promote development has become a strategy for the country. But to activate the companies, research institutions and research fellows, an effective incentive system is needed.
The motivation for companies to innovate is profit, so the government is working to enforce a positive market environment for fair competition and strengthen patent and other intellectual property protections, making sure that companies' innovation will be profitable.
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