Dec 05, 2018 (China Knowledge) - A total of 38 government agencies including the National Development Reform Commission (NDRC), the People's Bank of China and the National Intellectual Property Administration have, yesterday, signed a memorandum of cooperation for combined efforts to strengthen the punishment of intellectual property (IP) infringement in China.
The U.S. has been accusing China for Intellectual Property (IP) theft for a long time; such accusations one of the factors in the Sino-U.S. trade war.
The Commission on the Theft of American Intellectual Property has estimated the annual costs from the IP infringements to range between USD 225 billion to 600 billion. Although it is unclear how much of these are attributed to the Chinese businesses. In a survey conducted this year, more than 50% of the members of the American Chamber of Commerce in China have reported the IP infringement a serious concern for setting up a business in the country.
The announcement of stiffer punishments for serious infringers of IP and the signing of memorandum of cooperation led by the NDRC happened after the discussion between Chinese President XI Jinping and U.S President Donald Trump at the G20 summit, as Washington continues to clamor for action on this issue.
Dishonest conduct such as repeated patent infringement and falsification of documents during patent application from individuals or enterprises will be heavily dealt with and will be subjected to joint punishment.
Wrongdoers may be barred from getting government’s financial support, participate in government procurements, issue corporate bonds, and acquire government land supply, according to the memorandum. Besides the above, the company will also be put on a blacklist that will be shared among the government agencies and made public on the website of www.creditchina.gov.cn.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: firstname.lastname@example.org
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI