Business
12:34, 23-Nov-2017
Premier Li seeks to enhance protection of intellectual property rights
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It is strategically important for China’s economy that the country enhances protection of intellectual property rights, Premier Li Keqiang said, as the State Council promised to improve regulations.
Inadequate protection of intellectual property had contributed to the decline in private investment, he added.
To protect these rights better, the State Council, or cabinet, said the government would look into punitive fines for infringements.
Private businesses will enjoy equal rights similar to public sector companies, quoted in a statement following a cabinet meeting chaired by Li.
“Enhancing the protection of intellectual property rights is a matter of overall strategic significance, and it is vital for the development of the socialist market economy,” Li said.
“Deficiency in (property rights protection) is the main cause for the slide in private investment... The wider opening up of the country calls for enhancing IPR protection.”
The cabinet vowed to “clear, revise or abolish” regulations or documents that were contradictory to the 2007 Property Rights Law and 2016 guidelines on improving property rights protection.
The policy added, “Wayward and arbitrary” law enforcement would be strictly prevented. IPR law enforcement will be channeled towards cases related to the internet, exports and imports, as well as rural and urban areas, where counterfeiting is rampant.
Source(s): Reuters