Last month the State Council held an executive meeting to discuss the Opinions on Strengthening the Implementation of Innovation-driven Development Strategy to Further Promote a Deep Development of Mass Entrepreneurship and Innovation (Opinions).

According to the meeting, the Opinions introduce the following five steps that may affect future IP practices:

  • to explore to build a system for the transformation of scientific and technological results in a given period;
  • to simplify the filing procedure for intangible assets such as patents;
  • to set the pricing of agreement, listing and auction;
  • to promote the pilot application of the first set of major technological equipment;
  • to improve the IPR utilization and coordinated protection system;
  • to push forward patent-pledge financing, welcome insurance companies to provide related insurance services, encourage local government to provide risk compensation or premium subsidies;
  • to advance nationally financed fund to set up VC fund for middle and early- stage or start-up innovative enterprises; and to explore to give political support to VC incubators as per technical and scientific incubators.