The Chinese
government, through the medium of a document it issued earlier this week, has
revealed its desire to improve the protection of Intellectual Property Rights (IPRs), an issue reflecting at the center of
trade matters with the United States (US).
The document
launched recently is a joint directive by the General Offices of the Communist
Party of China Central Committee and the Chinese State Council, aimed at
strengthening the protection of Chinese IPRs between accusations from the US
stating that China has stolen the American IP. The directive laid out
China’s goal of reinforcing IPRs protection over the next two years by raising
the upper limits for compensation related to the infringement of such rights.
According to the
excerpts provided by the Chinese State Council, the directive reads that
increasing IPRs protection is one of the most significant ways to improve the
IPR system and to boost up the economic competitiveness of China. The new
guidelines also revealed that China would multiply its efforts to enhance
international cooperation on the protection of IPR, promote communication
between foreign and domestic rights holders, and provide support in overseas
IPR disputes.
The document also
discussed China’s plan to increase the protection of trade secrets,
confidential business data, and source codes and speed up the procedure to
introduce a punitive compensation system for violation of patents, copyrights,
or other IPRs.
The measures came
after considering that the disputes over the theft of Intellectual Property (IP) have roiled the trade negotiations amid the
world’s two largest economies, i.e., the U.S. and China scramble to reach
phase-one of a trade deal. The development came as investors have been
scaling back their hopes for a phase-one agreement amid Beijing and Washington
before the end of this year, i.e., 2019. This sort of deal was expected to
provide the stage for dealing with chief concerns like a complaint made by the
U.S against China, alleging that China steals intellectual property.
In an investigation
made by the Office of the U.S. Trade Representative last year, it was found
that the intellectual-property theft by China compels the U.S to face a loss
between $225 billion and $600 billion a year.
Ultimately, the
document claimed that by 2022, China would be making progress in matters that
have affected IPRs enforcement, like high costs, low compensation, and the
difficulty of proof. And also that by 2025, the nation would have implemented
an upgraded system of IPR protection. For more visit: https://www.trademarkmaldives.com
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