The total amount of patent and trademark pledge financing in China in 2020 is expected to exceed 200 billion yuan ($30.16 billion), said Shen Changyu, director of the State Intellectual Property Office, at the 12th China International Patent Technology and Products Fair on November 11.

"The development of the Intellectual Property (IP)'s Strategy Outline and the 14th Five-Year Plan for the 2035 Long-Range Objectives are being accelerated, which will further improve the transformation of IP and vigorously develop patent-intensive industry in the country," Shen added.

On May 18, the Chinese central government issued guidelines on accelerating the improvement of the socialist market economy system in the new era, which clearly proposed to improve and refine the rules and regulations of the creation, use, transaction, and protection of IP.

"Focusing on the use of IP, China coordinated and promoted the establishment of a mechanism, building a platform, and promoting various tasks in the industry," said Shen, adding "The ability to use intellectual property has been continuously enhanced, and the benefits have accelerated."

According to official data, in the first 10 months of this year, the total amount of patent and trademark pledge financing across the country reached 166.4 billion yuan ($25.09 billion), up by 35 percent year on year.

From January to August in 2020, the import and export volume of IP royalties in China reached 193 million yuan ($29.11 billion), up by 4.2 percent year on year. Among them, exports were 37 million yuan ($5.58 billion), a year-on-year increase of 26.4 percent, data showed.