A draft amendment to the Patent Law was passed at a State Council executive meeting held on 5 December. The document is due to be submitted to the Standing Committee of the National People’s Congress for deliberation. The amendment is expected to increase punishment on intellectual property infringement.
China has largely widened market access. In 2018, the country accelerated its opening-up of the insurance industry, eased restrictions on the establishment of foreign financial institutions and expanded their business scope, as well as opening up more areas of co-operation between Chinese and foreign financial markets.
At an executive meeting of the State Council held on 30 May, consensus was reached that the country would fulfil commitments in easing restrictions on foreign investment in manufacturing, including in vehicle, ship and aircraft industries.
China has created a more attractive investment environment. The National Development and Reform Commission and the Ministry of Commerce jointly issued the Special Administrative Measures on Access to Foreign Investment (Negative List) (2018 Version) in June.
The negative list has significantly broadened market access in agriculture, industry and service sectors, introducing a series of significant measures of opening-up in such areas as banking, automobile, major railway networks, power grid and petrol stations.
China has enhanced efforts on intellectual property rights (IPR) protection. By making an amendment to the Patent Law, the country has substantially raised the cap for legal compensation in IPR infringement cases.
It is also tough on counterfeiting activities, applying more severe punishments on intellectual property rights issues that are frequently complained about by foreign investors, such as the infringement of commercial secrets, malicious pre-emptive registration of trademarks, unfair competition caused by trademark infringement, infringement and counterfeiting of patents, and online piracy.
China has also built new platforms for opening-up. A total of 12 pilot free-trade zones (FTZs) were approved and established in Shanghai, Guangdong, Tianjin and Hainan from September 2013 to April 2018. China supports these pilot FTZs to deepen reform and innovation, and act as test beds for free trade and reform.
China will also accelerate the drafting of related policies and institutions for building a free-trade port in Hainan in a step-by-step and phased manner, and speed up the exploration of the development of free-trade ports with distinct Chinese features, to open up new prospects for reform at a higher level.
This article was originally produced and published by People’s Daily. View the original article at en.people.cn