On October 1, the new Law on Promotion of Transformation of Science and Technology Achievements has taken effects.
This Law was first established in 1996, enacted for the purpose of promoting the transformation of scientific and technological achievements into real productive forces, standardizing such transformation, hastening scientific and technological progress and facilitating economic and social development.
The Law now allows state-owned research institutes and universities to transfer or license the use of their discoveries or invest in them. In the absence of an agreement or contract between the parties who make the discoveries, at least half of the value of the invention would be paid to the contributing persons. In the past, any gains would have gone to the Chinese treasury.
These provisions may be important reference to the Service Invention Regulations which were made available for public comment earlier this year but not mentioned in the 2015 State Council legislative plan on intellectual property.
Other laws and regulations that the State Council has listed in its 2015 legislative plan are: Regulations on Patent Agents, Patent Law, Anti-unfair Competition Law, Antitrust Law, Regulations on Science and Technology Rewards, Copyright Law Implementing Regulations, Regulations on Protection of Olympic Symbol, Platform for Innovation in National Defense Regulations, Management of Military Engineering and Science Research, National Defense Patent Regulation.