Intellectual property rights in china: patents and economic development
Although China seeks to improve its image as a legitimate participant in the global Intellectual property (‘IP’) market and boost its economy, there are still patents and other IP related rights infringement and enforcement issues. This article aimed at discussing how Intellectual Property Rights (IPRs) may improve or decline economic development in China with a particular emphasis on patents. IP rights were and are still playing an important role in China’s on-going open-door policy and economic reform. Over the years, China’s national economy has witnessed decades of fast economic growth. The study concluded that even though it is reported that China is leading the world in innovation, people are most dissatisfied with the lack of recognition of the gravity of IPRs infringement, the timeliness and extensiveness of damages for infringement as well as the timeliness and convenience of remedies. Therefore the study proposed that China must amend its laws to include penalties that will effectively deter actors from entering the counterfeit market. Second, China must allocate a significant amount of resources to the judicial system to ensure that adjudication is effective and efficient. Third, China must increase enforcement of IP rights.
Keywords: Intellectual property rights, patents, economic development, enforcement issues