(MENAFN) Official data reveals a significant expansion in China's intellectual property (IP) trade last year, showcasing the country's steadily advancing international competitiveness in this domain. According to figures provided by the State Administration of Foreign Exchange, the average annual growth rate of China's total trade in intellectual property royalties witnessed a robust increase of 9.4 percent over the period spanning from 2013 to 2023.
In 2023 specifically, the total trade volume of intellectual property royalties surged to 53.7 billion U.S. dollars, marking a notable milestone in China's IP trade landscape. Notably, exports accounted for 11 billion dollars of this total, demonstrating an impressive surge of nearly 70 percent compared to the figures recorded in 2019.
Furthermore, the data underscores the growing significance of China's intellectual property trade within the broader context of services trade. In 2023, IP trade accounted for approximately 6.1 percent of the total scale of services trade, representing an increase of 0.6 percentage points compared to 2019 figures. This highlights the expanding role of intellectual property as a key component of China's services sector and its contribution to overall trade dynamics.
A particularly noteworthy aspect of China's IP landscape is the emergence of over 70 Chinese companies earning substantial intellectual property royalties in 2023. These companies reported annual cross-border income exceeding 10 million dollars, underscoring the growing prominence of Chinese entities in the global intellectual property market.
Overall, the data paints a picture of China's increasing prowess in intellectual property trade, driven by sustained growth and innovation. As China continues to prioritize intellectual property development and protection, its international competitiveness in this crucial area is expected to further strengthen, paving the way for continued growth and prominence on the global stage.
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