‘Inadequate’ intellectual property rights hitting investment, says China’s premier
Foreign companies have complained for decades about breaches, but Premier Li Keqiang says tackling the issue is vital for the nation’s economic development
It is strategically important for China’s economy that the country enhances protection of intellectual property rights, the state news agency Xinhua quoted Premier Li Keqiang as saying, as the cabinet promised to improve regulations.
Inadequate protection of intellectual property had contributed to the decline in private investment, he added.
Companies and foreign business lobbies have often accused China of doing too little to rein in risks related to intellectual property rights, despite having anti-piracy laws.
To protect these rights better, the State Council, or cabinet, said the government would look into punitive fines for infringements.
The cabinet plans to increase costs for those caught infringing on intellectual property rights and will make rights protection more affordable, Xinhua said.