Beijing, May 05, 2024, The Europe Today: Official data released by the State Administration of Foreign Exchange has revealed a significant expansion in China’s intellectual property (IP) trade last year, underscoring the nation’s steadily improving international competitiveness in this critical area.
According to the data, spanning from 2013 to 2023, China’s total trade in intellectual property royalties witnessed an impressive average annual growth rate of 9.4 percent. In 2023 alone, the total trade volume of intellectual property royalties soared to a remarkable $53.7 billion USD.
Of this total, exports constituted $11 billion USD, marking a substantial surge of nearly 70 percent compared to 2019 figures, signaling China’s increasing role as a net exporter of intellectual property.
Moreover, in 2023, China’s intellectual property trade accounted for approximately 6.1 percent of the total scale of services trade, representing a notable increase of 0.6 percentage points over the figures recorded in 2019. This growth underscores the growing significance of intellectual property as a key component of China’s services trade portfolio.
Notably, the data highlights the substantial contributions made by Chinese companies to this burgeoning sector. More than 70 Chinese enterprises engaged in earning intellectual property royalties in 2023 reported an annual cross-border income exceeding $10 million USD, further illustrating the depth and breadth of China’s involvement in the global intellectual property landscape.
The surge in China’s intellectual property trade reflects the nation’s sustained efforts to foster innovation, protect intellectual property rights, and enhance its global competitiveness in this critical domain. As China continues to make strides in intellectual property development and trade, its role as a key player in the global knowledge economy is set to expand further, with significant implications for both domestic and international markets.
