China plans to adjust its patent law to better meet its WTO obligations, boosting innovation and safeguarding economic security, state media reported. Revisions will likely include a simplification of patent application and examination procedures, a report by the State Intellectual Property Office said. Lawmakers will also consider whether to adopt international standards in granting patents and ways to improve patent protection. Foreign businesses complain of long delays in obtaining Chinese patents and poor enforcement of patent laws. Commercial piracy in China costs Western companies an estimated US$16 billion in lost sales every year.