China is stepping up its game in the world of inventions. The latest figures from the China National Intellectual Property Administration show a significant increase in high-value invention patents. By the end of 2023, China had amassed more than 1.66 million of these patents, marking a 25.7% jump from the year before. A figure like this is a clear sign that China is putting more effort into becoming a leader in innovation, especially in tech and key future-focused industries.
There are now 11.8 patents for every 10,000 people in China
Looking at the patents per person, there are now 11.8 patents for every 10,000 individuals. This number might seem small at first glance, but it’s a big deal because it shows that creative and practical inventions are becoming more common across the country. The spotlight shines brightest on emerging strategic industries, which now boast around 1.17 million patents, making up 70% of the total.
What’s also interesting is how businesses are making the most of their patents. There’s been a 37.4% increase in patents being used as security for loans, allowing companies to invest more in their growth – proving the value of these patents but also pointing to a growing ecosystem where new ideas are leading to further investment and development.
Innovation is crucial for a country like China as it fuels economic growth, enhances global competitiveness, and addresses complex challenges. By investing in innovation, China transforms its vast tech resources and workforce into cutting-edge technologies and services, moving beyond traditional manufacturing to lead in sectors like technology, green energy, and biotech. It is key in reinforcing China’s position as a key player on the world stage.
RELATED:
- Sharge launches Macintosh-style Retro 35W fast charger with a display in China
- A Sub-$300 Apple Vision Pro Alternative is Gaining Popularity in China
- Get Redmi K70 Pro for discounted price of $499
- How to add custom GIFs and stickers to WhatsApp
(VIA)
