China Spent $28.7b on IP Imports in 2017

Source: China Daily

China spent $28.7 billion for the use of imported intellectual property last year, official data showed on Nov 6. The figure was up by nearly 14-fold from 2001, when the country joined the World Trade Organization, said the Report on China's Services Import released by the Ministry of Commerce. The United States was the top source for such imports, followed by Japan and Germany, according to the report, which was published on the sidelines of the China International Import Expo in Shanghai. Most of China's charges for the use of intellectual property imports went to patents, trademarks and copyrights, according to the report. In 2017, import charges for the use of intellectual property accounted for 6.1 percent of China's total service imports, according to the report. China has always been an important player, active builder and firm defender of international property rules, the ministry said in the report. At present, China has joined almost all major international intellectual property conventions, it said.