According to a latest report release by the World Intellectual Property Organization (WIPO), China’s patent office records the highest number of patent applications globally.
To compare to patent applications received by the United States Patent and Trademark Office (USPTO) which reported to receive 621,453 applications, China stays to be on lead with 1.4 million patent applications recorded last year.
This is reported to be China’s third time in ranking first in the global patent applications since 2017. However, although China stays as the first rank but it records declination in the applications in 24 years. This was reported due to optimization of application procedure and changes to application quality in the country.
According to WIPO’s report, the number of patent applications worldwide registered was more than 3.22 million in 2019, but it was decreased by 3% in comparison of last year’s patent applications.
According to the Director General of WIPO, Daren Tang, “the annual indicator showed that the development of intellectual property propels the global economy going towards more and more globalized and digital”. Tang further added that ASIA remains the main engine of growth of patent applications in the world as ASIA concurred 65% of all patents filed worldwide that is up nearly 15% from 2009.
China’s record is reported due to the country’s determination, innovative and progress in powering its innovation strength throughout the years. China has moved aggressively in introducing and adopting a series of laws and regulations that aim to protect intellectual property and encourage innovation ever since China Trademark Law was published in 1982.
China is reported to create more national plans specifically for intellectual property rights protection during the 14th Five-Year Plan period from 2021 to 2025.
WIPO’s report has assembled and analyzed the intellectual property data from the very basic intellectual property administrations in more than 150 countries and regions to furnish information for policy makers, businessmen, investors and experts. Tang further said, “Because intellectual property has close relations with technology, innovation and digitization, intellectual property will be more important for many countries in post-pandemic era.” Tang did not deny that the pandemic Covid-19 outbreak has encouraged the businessmen to apply for new technology and this