The combination of booming economic growth in China, along with the expanding focus on intellectual property, is making Chinese companies realize the importance of protecting their IP.
According to China Daily, China is the world's fastest growing IP market and one the top filers for international patents. China's total patent filing grew approximately 56 percent in 2010, and it holds a 7.6 percent stake of the filings in the world. Additionally, China boasts the world's second and fourth biggest patent filing companies.
China and Europe have been working on the EU-China IPR2 cooperation project on the protection of intellectual property. The IPR2 project, jointly funded by China and the EU, launched in 2007 with the goal of improving the efficiency of the IP protection system in China, according to the European Patent Office.
"Enhancing an IPR-friendly environment in China, guaranteeing a fair competition between Chinese and European industries, will have... a beneficial effect for both economies," said Carmen Cano, minister counsellor of the EU delegation to China and Mongolia, to the news source.
The IPR2 works to improve China's legislative and judicial authorities in enforcing intellectual property rights and improving access to information for users by providing technical support, according to the news source.