Xinhua -- An intellectual property rights (IPR) transaction center was established on Friday in Shanghai.

The center will support IPR evaluation, transfer quotation, transaction authentication, settlement, trusteeship registration and financing.

Shanghai has seen a growing number of IPR applications in recent years. During the first 11 months of 2016 the city received 105,000 patent applications, a rise of 22.6 percent from a year before.

Lyu Guoqiang, head of Shanghai Intellectual Property Administration, said the center is a facet of Shanghai's economic restructuring.

The center will improve the exchange system and policies and assist monetization of intellectual property rights, offering discounted services to small and mid-sized enterprises.