China's first intellectual property service alliance was held in Beijing's Zhongguancun Science Park on July 30, and a total of 53 intellectual property service companies became members.

In addition, the BeijingIntellectual Property Bureau and seven commercial banks signed a strategic cooperation agreement for intellectual property financing.

A director of the Department of Planning at the State Intellectual Property Office said that "the establishment of the alliance is a valuable attempt for Zhongguancun to vitalize existing resources for innovative development," and he also said that it is "another giant step to realize a cluster effect for intellectual property services."

An official with the Beijing Intellectual Property Bureau said that the alliance is expected to facilitate the development of emerging industries with strategic importance by offering professional and quality services for Zhongguancun companies.

The cooperation agreement signed between the Beijing Intellectual Property Bureau and seven commercial banks – including Bank of China (BOC) and Bank of Beijing (BOB) – requires the banks to provide a total credit loan of 26 billion yuan ($4.2 billion) and other financial support for Zhongguancun companies. Beijing's Potevio Company received a credit of 200 million yuan ($32.64 million) from BOB, using its patents as collateral.

A director of the park's administrative committee said that intellectual property rights play an essential role for innovation at Zhongguancun, and he also said that the committee will continue to promote comprehensive development of IPR matters in the park.

Zhongguancun also established a public patent foundation to promote innovation, and representatives from 10 companies received grants during the ceremony.

The event was co-organized by Beijing Intellectual Committee and the park's administrative committee, and over 400 representatives of the two committees as well as of commercial banks and intellectual property service companies attended.

(Source: China Daily)