China sees 43.42 percent increase in number of invention patents granted YoY
Date
5/22/2024 8:48:45 AM
(MENAFN) In the first four months of this year, China saw a remarkable year-on-year increase of 43.42 percent in the number of invention patents granted, as revealed by the country's top intellectual property regulator. According to the latest patent data from the China National Intellectual Property Administration, over 362,000 invention patents were issued between January and April 2023. Enterprises led the way in securing these patents, exhibiting the highest year-on-year growth rate compared to those obtained by universities, research institutions, and individuals.
The surge in patent grants highlights China's robust commitment to fostering innovation and intellectual property development. By the end of 2023, China held approximately 4.02 million valid domestic invention patents, making it the first country in the world to exceed 4 million valid domestic invention patents. This milestone underscores China's rapid progress in strengthening its intellectual property framework and promoting technological advancements.
Moreover, the data revealed that high-value invention patents accounted for over 40 percent of the total valid patents. High-value patents are often characterized by their broad scope, potential for significant economic impact, and the technological advancements they represent. This substantial proportion of high-value patents indicates that China's innovation efforts are not just increasing in quantity but also in quality.
The emphasis on enterprise patents aligns with China's broader strategy to bolster its economic growth through innovation and technology. Enterprises, being at the forefront of commercial applications, play a crucial role in translating inventions into marketable products and services. The higher growth rate of patents obtained by enterprises suggests a dynamic and competitive business environment that prioritizes research and development.
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