Recently, China hosted the World Economic Forum’s Annual Meeting of the New Champions. At this prominent global gathering on science, technology, and innovation, Chinese Premier Li Keqiang emphasized the strength and importance of entrepreneurship and innovation in China. He cited that 14,000 new companies are registered daily in China, and pointed to the World Intellectual Property Organization’s 2017 Global Innovation Index, where China ranks 22nd overall and 1st among middle-income economies. This image of China as an emerging global leader in entrepreneurship stands at odds with China’s common stereotype as a land of copycats and intellectual property thieves. The answer lies in the gradual strengthening of Chinese intellectual property rights (IPR) over the past three decades as explained in this article.https://thediplomat.com/2017/07/how-china-is-emerging-as-a-leader-in-global-innovation-and-ip-rights/
I think the expansion of Chinese IPRs is great for international intellectual property rights! Not only will it harmonize IPRs around the world, but it will allow China to engage in FDIs, which will increase their overall value. In my opinion, the problem of counterfeits will be extremely difficult to undercut. The Chinese are known for this practice, and to rid the country of the practice would require greater enforcement mechanisms and an alternative for those that engage in this practice.
Additionally, the speed of IP litigation in China is something that the United States should adopt! The volume and development of the IP courts in general is also something that should be adopted. Litigation in the United States favors the big companies, whereas litigation in China favors the “little man”. Last to the race doesn’t necessarily mean their ideas aren’t valuable.