China submitted 18,700 patent applications under the Patent Cooperation Treaty (PCT) in the first eight months, 20 percent more than a year ago, encouraging signs for the country's promotion of creativity.
Shen Changyu, head of the State Intellectual Property Office (SIPC) attributed the increase to the government's strategy to boost innovation, saying favorable policies generated opportunities for inventors.
The SIPC received 21.8 percent more invention applications than a year ago in the same period, Shen said. Creativity is the biggest resource for development in China, Premier Li Keqiang said in a speech at the Summer Davos forum last week.
The government has reduced taxes, increased subsidies and cut red tape to encourage businesses and individuals to pursue innovation. The PCT, concluded in 1970, is an international patent system that facilitates patent protection. By filing an application under the PCT, applicants can seek protection for their inventions in 148 countries across the world.
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