It is the first time that the President releases a strong signal in intellectual property protection at such an important meeting. There will be a significant influence in IPR.
The 16th meeting of the Central Leading Group on Financial and Economic Affairs was held on July 17, 2017. President Xi made a statement at this meeting. He said China should create a steady, fair and transparent corporate environment and gear up efforts to shape an open economy.
President Xi stressed the importance of protecting intellectual property rights. The protection of intellectual property rights is playing a more and more important role in creating a good corporate environment. China should improve laws and regulations, and boost the quality and efficiency in censoring intellectual property. China should accelerate institution building for intellectual property of emerging areas and new business types. Wrongdoing should be punished more severely so that IPR infringers will pay heavy prices, said the president. The enthusiasm and initiative of IPR holders should be mobilized, and the awareness of property protection should also be increased, safeguarding the rights by law.
Earlier this year, Supreme People’s Court released Outline of the Judicial Protection of Intellectual property in China (2016-2010). The outline demonstrates the goal of creating an infringement damages system, which will award compensation of the right-holder’s lost benefits, depriving the infringer of any profit, and make the losing party pay for costs. Efforts will be made to increase the amount of statutory damages for infringement as punitive damages in IP areas.
The IPR protection has become the national strategy, and China is putting more emphasis on IPR. We believe this new strategy will create a fair economic environment and encourage innovation. More importantly, it is encouraged that the holders of IPR claim their rights, and the judicial system will provide stronger protection. In law service of IPR, there will be a brilliant future, and Shanghai Greroyalt is devoted to offer valuable service.