There were around 700,000 invention patents approved in China last year, an increase of 30% year-on-year, reports the South China Morning Post. According to the head of the China National Intellectual Property Administration, there were a total of 696,000 invention patent authorizations in 2021, with an average of 7.5 of high-value patents per 10,000, or nearly double the ratio for 2017.
“China performed well in many segmented indicators … It indicates that China is transforming from an intellectual property importer to a major creator of intellectual property,” Shen said. “It indicates the global geography of innovation is shifting to the East.”
China has stepped up efforts to transform itself into an intellectual property powerhouse over the past five years. It has authorized more than 2.53 million invention patents in that period, with an average annual growth rate of 13.4%, according to the administration.