IP body drafting new regulatory framework to boost innovation

China would improve the regulatory framework for intellectual property rights to better drive innovation, a senior official with the nation's top patent office said during Boao Forum for Asia on Friday.

Shen Changyu, commissioner of State Intellectual Property Office of China, said China is drafting the intellectual property rights laws and regulations under the framework of the General Principles of Civil Law, the latter of which is a civil code planned to be enacted in 2020.

The judicial departments would step up efforts to strengthen enforcement of intellectual property rights laws, according to Shen.

Qualcomm President Derek Aberle said innovators, both domestic and foreign, need a more transparent and more predicable regulatory framework for intellectual property rights, because it would decrease the costs of developing new products, which can be very time consuming.

Wu Handong, former president of Zhongnan University of Economics and Law, said a better intellectual property regulatory system would help Chinese manufacturing sector catch up with developed countries.

Although China remains a powerhouse in the manufacturing world, lack of innovation is one key factor that makes the sector lag behind the United States, according to Wu.

"Innovation and entrepreneurship could thrive when patents are well-protected," said Wu.